Anshu Jain, the Indian-born banker who helped transform Deutsche Bank from a mostly domestic lender to a global financial titan, has died aged 59.
City of London and Wall Street-educated Jain, who led Deutsche as co-chief executive from 2012 to 2015, was suffering from stomach cancer and died on Friday evening in the UK, 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 survive his doctors’ original prognosis by four years. “Until his last day, Anshu maintained his lifelong determination to ‘not be a statistic,'” they said.
A pioneer in derivatives trading, Jain joined Germany’s biggest lender in 1995 from Merrill Lynch, where he had set up 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, previously to co-lead the investment banking division in 2004.
He jointly oversaw a period of rapid growth in which the unit generated the 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 outearned then-CEO Josef Ackermann.
In what was then a rare achievement for an outsider with an unpolished German, the Jaipur-born, Delhi-raised Jain was elevated to the top job at Deutsche Bank in 2012 and was named co-chief executive alongside with the German Jürgen Fitschen. He earned one of the biggest salaries in global banking and earned praise from key investors, including Larry Fink, the head of the bank’s largest shareholder, BlackRock.
However, shareholder unrest over lackluster earnings, spiraling costs, labor strife and repeated clashes with Deutsche’s Frankfurt establishment led to Jain’s departure in the summer of 2015, two years before the his contract ends.
The bank also came under pressure from regulators, who expressed concerns about its internal culture. Deutsche had been forced to pay billions of euros to settle allegations of Libor rigging and had faced investigations into money laundering and currency abuse.
After taking a brief step back, 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.