Anshu Jain, former co-CEO of Deutsche Bank, 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 senior financial executive known for helping German lender Deutsche Bank AG ( DBKGn.DE ) take on big Wall Street firms, died overnight on Saturday after a five-year battle against cancer, his family. said He was 59 years old.

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

After the 2008 financial crisis and the European debt crisis that followed, Jain pushed Deutsche to remain Europe’s “last man standing” as US firms surged ahead in global banking.

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Years of expanding risky investment banking ventures came back to haunt the bank as regulation made complex operations more expensive. As co-chief executive, he struggled to reduce risk and rein in a long list of scandals that led to billions of dollars in fines.

He resigned from the German lender in 2015 and since 2017 was the chairman of the US financial services firm Cantor Fitzgerald.

“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 graduated from the University of Delhi before completing an MBA at the University of Massachusetts at 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 set up a division specializing in hedge funds and derivatives. He then ran bond trading and emerging markets and later, as head of the investment bank, earned more than his boss, then-CEO Josef Ackermann.

He was appointed to Deutsche’s board of directors in 2009 and was responsible for the corporate and investment banking division since 2010. From 2012 to 2015, he was co-CEO.

“Anyone who worked with Anshu experienced a passionate leader of intellectual brilliance,” said current CEO Christian Sewing.

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

“Until his last day, Anshu maintained 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 Bangalore Editing by Franklin Paul and Clelia Oziel

Our standards: The Thomson Reuters Trust Principles.


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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!