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Cantor executive, former Deutsche Bank Co-CEO Anshu Jain dies
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Anshu Jain, Cantor Fitzgerald president and former co-CEO of Deutsche Bank, has died. He was 59.
The news was reported by his family said in a statement Saturday.
Jain died after a battle with duodenal cancer, which he was diagnosed with in 2017.
Jain was Co-CEO of Deutsche Bank from 2012 to 2015.
FILE – Co-CEO of Deutsche Bank Anshu Jain speaks during the annual shareholders meeting in Frankfurt, Germany, on May 22, 2014. Jain, a fomer co-CEO of Deutsche Bank, has died, according to a statement by his family on Saturday, Aug. 13, 2022. He was ( (AP Photo/Michael Probst, File) / AP Newsroom)
It was at Deutsche Bank where he helped build the firm’s global capital markets business.
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Jain was Co-CEO along with Jürgen Fitschen and was the first ever non-European to lead the German bank.
A logo is pictured on the Deutsche Bank building in Geneva, Switzerland. (REUTERS/Denis Balibouse/File Photo / Reuters Photos)
“Anshu Jain played a key role in expanding Deutsche Bank’s position in our global business with companies and institutional investors,” said Alexander Wynaendts, Chairman of the Supervisory Board of Deutsche Bank. “Today, this is of strategic importance not just for Deutsche Bank, but for Europe as a financial center.”
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Jain served as president of New York-based financial services company Cantor Fitzgerald from 2017 until his death.
NEW YORK, NEW YORK – Annual Charity Day Hosted By Cantor Fitzgerald: Anshu Jain, Edie Lutnick, Howard Lutnick and Jim Buccola on September 11, 2019 in New York City. ((Photo by Dia Dipasupil/Getty Images for Cantor Fitzgerald) / Getty Images)
Cantor Fitzgerald CEO Howard Lutnick said Jain “was the consummate professional who brought a wealth of experience and wisdom to his role as president.”
He began his career at Kidder, Peabody & Co., then moved to Merrill Lynch, where he set up and then ran the firm’s global hedge fund coverage group.
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He is survived by his wife, Geetika, his mother, and two children.
The Associated Press contributed to this report.
Former Deutsche Bank Co-CEO Anshu Jain dies
NEW YORK (AP) — Anshu Jain, a former co-CEO of Deutsche Bank, has died, his family said in a statement Saturday. He was 59.
Jain died after a battle with duodenal cancer, which he was diagnosed with in 2017.
Jain was Co-CEO of Deutsche Bank from 2012 to 2015, where he helped build the firm’s global capital markets business. As Co-CEO along with Jürgen Fitschen, he was the first ever non-European to lead the German bank. Before that, he was appointed to Deutsche Bank’s Management Board in 2009 and ran the corporate and investment bank division from 2010.
“Anshu Jain played a key role in expanding Deutsche Bank’s position in our global business with companies and institutional investors,” said Alexander Wynaendts, Chairman of the Supervisory Board of Deutsche Bank. “Today, this is of strategic importance not just for Deutsche Bank, but for Europe as a financial center.”
After leaving Deutsche Bank, Jain served as president of New York-based financial services company Cantor Fitzgerald from 2017 until his death.
Cantor Fitzgerald CEO Howard Lutnick said Jain “was the consummate professional who brought a wealth of experience and wisdom to his role as president.”
He began his career as an analyst in derivatives research at Kidder, Peabody & Co., then moved to Merrill Lynch, where he spent seven years setting up and then running the firm’s global hedge fund coverage group.
Jain was born in Jaipur, India, in January 1963. He received an MBA at the University of Massachusetts, Amherst. He was a lifelong vegetarian and loved wildlife photography, cricket and golf, according to his family’s statement.
He is survived by his wife, Geetika, his mother, and two children.
Former Deutsche Bank co-CEO Anshu Jain dies
Anshu Jain, co-CEO of Deutsche Bank, addresses the bank’s annual general meeting in Frankfurt, Germany, May 21, 2015. REUTERS/Kai Pfaffenbach
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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.
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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.
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Reporting by Vera Eckert in Frankfurt and Maria Ponnezhath in Bengaluru, Editing by Franklin Paul and Clelia Oziel
Our Standards: The Thomson Reuters Trust Principles.
Former Deutsche Bank co-CEO Anshu Jain dies at 59
Jain Anshu, President of Cantor Fitzgerald appears on CNBC’s Squawk on the Street at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd. 2020.
Gerry Miller | CNBC
Anshu Jain, an Indian-born investment banker who rose to the role of co-CEO at Deutsche Bank, died last night after a long battle with cancer, his family announced in a statement Saturday. He was 59 years old.
Jain, who most recently served as the president of Cantor Fitzgerald, earned an MBA at the University of Massachusetts-Amherst and worked at several financial firms, including Merrill Lynch, before moving to Deutsche Bank. He served as co-CEO from 2012 to 2015.
Jain stepped down from his role at Deutsche before his contract ended after the bank was beset by a string of regulatory issues.
His other positions included a role as an advisor at fintech company SoFi from 2016 to 2017 and as a trustee of British charity Chance to Shine.
“He believed in hard work, meritocracy, operating outside of expectations or conventional boundaries, placing family first, standing by one’s roots (having turned away many attempts to Westernize him in an industry that was often homogenous), in speaking ‘at the margin’ rather than delivering plain facts, in wit and wordplay, in being nonmaterialistic, and in the importance of having broad-bandwidth and being a ‘scholar-athlete,'” his family said in a statement.
“We are grateful to the many people who cared for Anshu throughout his life. For us, his legacy is tenacity, honour, and love,” the statement said.
Correction: This article has been updated to delete a reference to Ajit Jain, who is not related to Anshu Jain.
Former Deutsche Bank CEO Anshu Jain dies, aged 59
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.
The City of London and Wall Street-trained Jain, who led Deutsche as co-chief executive from 2012 to 2015, had been suffering from stomach cancer, and passed away in the UK on Friday evening, his family confirmed.
“We are deeply saddened that 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 had managed to outlive his doctors’ original prognosis by four years. “To his last day, Anshu stood by his life-long determination to ‘not be a statistic’,” they said.
Jain, a pioneer of derivatives trading, joined Germany’s largest lender in 1995 from Merrill Lynch, where he had set up and run a unit covering hedge funds around the world. He rose quickly 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, before co-leading the investment banking division in 2004.
He jointly oversaw a period of rapid growth in which the unit generated the vast bulk of Deutsche’s profits, briefly helping it become the world’s largest bank. Jain took sole control of the division in 2010, when he out-earned the then-CEO Josef Ackermann.
In what was then a rare achievement for an outsider with less-than-polished German, the Jaipur-born and Delhi-raised Jain was elevated to the top job at Deutsche Bank in 2012, and made co-chief executive alongside German Jürgen Fitschen. He commanded one of the largest salaries in global banking and drew praise from key investors including Larry Fink, the boss of the bank’s single largest shareholder, BlackRock.
However shareholder unrest over lacklustre profits, spiralling costs, labour altercations and repeated clashes with Deutsche’s Frankfurt establishment led to Jain’s departure in the summer of 2015, two years before his contract was up.
The bank was also under pressure from regulators, who raised concerns about its internal culture. Deutsche had been forced to pay billions of euros to settle accusations over Libor manipulation and faced investigations over money laundering and foreign exchange abuses.
After briefly stepping back, Jain returned to financial services in 2017 as president of American investment bank Cantor Fitzgerald, while also acting as an adviser to online bank SoFi.