Anshu Jain, the Indian-born banker who helped transform Deutsche Bank from primarily a domestic lender to a global financial giant, has died at the age of 59.
Trained in the City of London and Wall Street JainismThe man, who led Deutsche as co-CEO from 2012 to 2015, had stomach cancer and died in the UK on Friday night, his family confirmed.
“We are deeply saddened by the loss of our beloved husband, son and father . He added that he lived four years longer than doctors had originally predicted. “Until his last days, Anshu clung to his lifelong resolve to ‘not be a statistic,'” they said.
In a statement issued on Saturday, Alexander Winants, chairman of the supervisory board, said: Deutsche Bank, said: Today, this is of strategic importance not only for Deutsche Bank, but also for Europe as a financial center. “
A pioneer in derivatives trading, Jain joined Germany’s largest lender from Merrill Lynch in 1995. At Merrill Lynch, he set up and ran a division that covered hedge funds around the world. He quickly rose through the ranks.
After the death of his American mentor, Edson Mitchell, in a plane crash in 2000 when he headed the German investment banking division, Jain assumed responsibility for Germany’s global markets business before co-heading the investment banking division in 2004. became a person
He jointly oversaw a period of rapid growth that helped the sector generate most of Germany’s profits and become the world’s largest bank. In his 2010, Jain assumed exclusive control of the division, surpassing then-CEO Josef Ackermann.
Born in Jaipur and raised in Delhi, Jain rose to the top position at Deutsche Bank in 2012, becoming co-CEO alongside German Jürgen Fitschen. He earned one of the highest salaries in his banking globally and the bank’s largest shareholder, he garnered praise from key investors, including BlackRock boss Larry Fink.
But lackluster profits, soaring costs, labor disputes and repeated clashes with the Frankfurt, Germany plant forced Jain to resign in the summer of 2015, two years before his contract expired.
Banks are also under pressure from regulators, who have expressed concerns about their internal culture. Deutsche was forced to pay billions of euros to settle the charges. Revol Faced investigations for money laundering and foreign exchange abuse.
After temporarily retiring, Jain returned to financial services in 2017 as president of American investment bank Cantor Fitzgerald and also served as an advisor to online bank SoFi.
Deutsche Chief Executive Officer Christian Sewing said: His energy and loyalty to the bank left a big impression on many of us. Our thoughts and sympathies go out to his wife, his children and his mother. We honor his memory. “
Michele Faisola, an Italian financier and former Jain chief lieutenant, said: His ability to understand client problems and find innovative solutions was second to none. He was able to grasp and analyze complex situations and quickly advise on the best course of action. unique talent. he will be greatly missed. “
BlackRock Chairman and CEO Fink said in a statement that he was “deeply saddened” by Jain’s death.
“I got to know Anshu during his time at Merrill Lynch and became closer as his career grew, including during his time in Germany. 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.”