Anshu Jain, the Indian-born banker who helped transform Deutsche Bank from a largely domestic lender into a global financial titan, has died aged 59.
Jain, trained in the City of London and Wall Street, who led Deutsche as co-chief executive from 2012 to 2015, suffered from stomach cancer and died on Friday evening in the UK, confirmed his family.
“We are deeply saddened by our beloved husband, son and father. . . passed away overnight after a fierce five-year battle with duodenal cancer,” Jain’s family said in a statement, adding that he managed to survive his doctors’ initial prognosis of four years. “Until his dying day, Anshu remained true to his lifelong determination to ‘not be a statistic,'” they said.
In a statement on Saturday, Alexander Wynaendts, Chairman of Deutsche Bank’s Supervisory Board, said: “Anshu Jain has played a key role in expanding Deutsche Bank’s position in our global business with corporate and institutional investors. . Today it is of strategic importance not only for Deutsche Bank, but for Europe as a financial centre.
Jain, a pioneer in derivatives trading, joined Germany’s biggest lender in 1995 from Merrill Lynch, where he had established and led a unit covering hedge funds worldwide. He quickly rose through the ranks.
After his mentor Edson Mitchell – the American who ran Deutsche’s investment banking arm – died in a plane crash in 2000, Jain became head of Deutsche’s global markets business, later co-heading the banking division. investment in 2004.
He jointly oversaw a period of rapid growth in which the unit generated the vast majority of Deutsche’s profits, briefly helping it become the largest bank in the world. Jain took sole control of the division in 2010, when he edged out then-CEO Josef Ackermann.
In what was then a rare achievement for a foreigner with less-than-polite German, Jaipur-born, Delhi-raised Jain was elevated to Deutsche Bank’s top job in 2012 and appointed co-chief executive alongside by the German Jürgen Fitschen. He earned one of the highest salaries in the global banking industry and drew praise from major investors, including Larry Fink, the boss of the bank’s largest shareholder, BlackRock.
However, shareholder unrest over lackluster profits, soaring costs, labor altercations and repeated clashes with Deutsche’s Frankfurt establishment led to Jain’s departure in the summer of 2015, two years before the end of his contract.
The bank was also under pressure from regulators, who worried about its internal culture. Deutsche had been forced to pay billions of euros to settle Libor manipulation charges and was under investigation for money laundering and currency exchange abuse.
After a brief setback, Jain returned to financial services in 2017 as chairman of US investment bank Cantor Fitzgerald, while also acting as an adviser to online bank SoFi.
Christian Sewing, Managing Director of Deutsche, said: “Anyone who has worked with Anshu has experienced a passionate leader of intellectual genius. His energy and loyalty to the bank left a deep impression on many of us. Our thoughts and sympathies go out to his wife, children and mother. We will honor his memory.
Michele Faissola, an Italian financier and former top Jain lieutenant, said, “Anshu was a brilliant leader and a great friend. His ability to understand customer issues and find innovative solutions was unmatched. He was able to grasp a complex situation, analyze it and advise the best course of action in a short time. Unique talents. He will be greatly missed. »
Fink, chairman and chief executive of BlackRock, said in a statement that he was “deeply saddened” by Jain’s death.
“I got to know Anshu while he was at Merrill Lynch and we remained close as his career developed, including at Deutsche. I will always be grateful for the time we spent together” , Fink said.
“He will be remembered for his leadership in financial services and his deep commitment to conservation. My thoughts are with his wife, children, family and friends during this difficult time. »