Former Deutsche Bank co-CEO Anshu Jain dies



Aug 13 (Reuters) - Anshu Jain, a top finance executive best known for helping German lender Deutsche Bank AG DBKGn.DE take on the largest Wall Street firms, died overnight on Saturday after a five-year battle with cancer, his family said. He was 59.

Jain, who was born in India, spent two decades building Deutsche Bank into one of the world's top universal banks. He was the first non-European to lead the German institution.

In the aftermath of the financial crisis of 2008 and the European debt crisis that followed, Jain pushed Deutsche to remain Europe’s “last man standing” as U.S. firms pulled ahead in global banking.

The years of expansion into risky investment banking businesses came back to haunt the bank, as regulation made complex trades more costly. As co-chief executive he struggled to cut back the risk and to get a grip on a long list of scandals that led to billions of dollars in fines.

He resigned from the German lender in 2015, and had been the president of U.S. financial services firm Cantor Fitzgerald since 2017.

"He will be remembered for his leadership in financial services and his deep commitment to conservation," said Larry Fink, chief executive of BlackRock Inc, who said he knew Jain well.

Born in the Indian city of Jaipur, Jain earned his bachelors at the University of Delhi before completing an MBA at the University of Massachusetts in Amherst.

A lifelong vegetarian, he loved wildlife photography, safaris in Kenya’s Masaai Mara and wilderness conservation, his family said.

He joined Deutsche in 1995 to launch a division specializing in hedge funds and derivatives. He then headed bond trading and emerging markets and later, as head of the investment bank, he out-earned his boss, then-CEO Josef Ackermann.

He was appointed to Deutsche's management board in 2009 and was responsible for the corporate and investment bank division from 2010. From 2012 to 2015, he was co-CEO.

"Anyone who worked with Anshu experienced a passionate leader of intellectual brilliance," said present CEO, Christian Sewing.

Jain was diagnosed in January 2017 with duodenal cancer, which affects the small intestine, but managed to outlive his initial diagnosis by four years, the family said.

"To his last day, Anshu stood by his lifelong determination to 'not be a statistic'," the family said.


Reporting by Vera Eckert in Frankfurt and Maria Ponnezhath in Bengaluru, Editing by Franklin Paul and Clelia Oziel

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.