Status: 08/13/2022 6:00 p.m
Former co-chairman of Deutsche Bank Anshu Jain has died after a long illness. He was considered a pioneer of derivatives trading and headed the financial institution for three years.
Former Deutsche Bank boss Anshu Jain is dead. The British-Indian manager died on Saturday night at the age of 59 as a result of a long, serious illness, Deutsche Bank said.
“Intellectual Brilliance”
CEO Christian Sewing recalls the manager’s “passionate leadership of intellectual brilliance”. “He deeply impressed many of us with his energy and loyalty to our bank.” In his three years as co-head of Deutsche Bank, however, he never quite got rid of his image as an unscrupulous investment banker: the list of scandals at the institute was long, and the shareholders eventually punished the dual leadership of Jain and Jürgen Fitschen.
Jain’s family said in a statement obtained by the Financial Times that Jain died after a five-year battle with cancer. However, he lived four years longer than his doctors’ original prognosis. “Until the last day, Anshu has pursued his lifelong goal of ‘not being a statistic’,” the paper said.
Professional reorientation
Jain has worked for Deutsche Bank since 1995. Jain was appointed to the board in 2009 and was responsible for the corporate and investment banking division from 2010. Jain managed Deutsche Bank together with Jürgen Fitschen from 2012 to 2015. As Co-CEO, Jain was responsible for Corporate Finance, Sales and Trading and Global Transaction Banking.
In the summer of 2015, he left the largest German financial institution after growing criticism. Jain was accused, among other things, of having shied away from necessary deep cuts in investment banking for too long. He managed this important division himself for many years.
In recent years, Jain had oriented his career towards the USA. In 2016, he accepted a consulting job in Silicon Valley at fintech company Social Finance (Sofi), and in 2017 he was hired by New York-based financial services firm Cantor Fitzgerald, where he oversaw growth strategy.