Anshu Jain

Anshuman Jain (born 7 January 1963) is a British Indian[2][3] business executive. Since 2017 he has been the president of the American financial services firm Cantor Fitzgerald.[4] He previously served as the co-CEO of Deutsche Bank from 2012 until July 2015.[5]

For the Indian cricketer, see Anshu Jain (cricketer).

Anshu Jain
Jain at the World Economic Forum Annual Meeting in 2013
Born (1963-01-07) 7 January 1963
Jaipur, Rajasthan, India
NationalityUnited Kingdom[1]
Alma materShri Ram College of Commerce
Isenberg School of Management
OccupationPresident of Cantor Fitzgerald
Former Co-CEO of Deutsche Bank

Jain was a member of Deutsche Bank’s Management Board. He was previously head of the Corporate and Investment Bank, globally responsible for Deutsche Bank’s corporate finance, sales and trading, and transaction banking business. Jain remained a consultant to the bank until January 2016.

Early life and education

Jain is a cousin of Ajit Jain, vice chairman of insurance operations for Berkshire Hathaway.[6]

He studied economics at Shri Ram College of Commerce at the University of Delhi, earning BA degree[7] in 1983. He received an MBA from the Isenberg School of Management at the University of Massachusetts Amherst in 1985.[8]

Career

After having finished university, he started as an analyst in derivatives research at Kidder, Peabody & Co. (now part of UBS) where he worked from 1985 to 1988. After three years, he joined Merrill Lynch in New York City, where he founded and led the securities industry's first dedicated hedge fund coverage group.

In 1995, Jain joined Deutsche Bank's nascent markets business to set up and run a specialist unit focusing on hedge funds and institutional derivative coverage. He joined the Deutsche Bank Group Executive Committee (GEC) in 2002 became joint head of the Corporate and Investment Bank in 2004. Other roles included head of fixed income sales and trading, global head of derivatives and emerging markets as well as the global head of institutional client coverage.

In July 2011 Jain was appointed co-CEO of Deutsche Bank, along with Jürgen Fitschen, effective 2012.[9]

In March 2013, Deutsche Bank restated its 2012 earnings report due to litigation costs, and Jain and his co-CEO Jürgen Fitschen's compensation for 2012 was cut to €4.8 million ($6.2 million) each.[10]

Jain presided over an aggressive expansion of Deutsche Bank's U.S. wealth-management business.[11]

The trigger for Jain’s forced departure was the record $2.5bn (£1.7bn) fine that Deutsche Bank was forced to pay regulators for the rigging of Libor and its later obstruction into the investigations into the Bank’s global manipulation of the benchmark rate. Deutsche Bank pled guilty plea to the US Department of Justice (DoJ) and entered into a deferred prosecution agreement. Jain headed its investment bank while the Libor was rigged, but the bank has denied that he was involved in any wrongdoing.

Jain and his co-CEO Fitschen resigned in June 2015, following a series of Deutsche Bank's financial missteps and regulatory penalties, coupled with dissatisfaction by shareholders and employees in the bank’s performance and the management team's turnaround plans.[12]

In 2017 he joined the American financial services firm Cantor Fitzgerald as its president, and works from London.[4]

Awards

Anshu received Risk Magazine Lifetime Achievement Award in 2010, as well as the annual Business Leader Award from NASSCOM. He is a 2005 recipient of the American Indian Foundation's Achievement Award for philanthropy and ongoing involvement in development. He won Euromoney magazine's Capital Markets Achievement Award in 2003.[13]

Personal life

In November 2012, Jain purchased a two-bedroom apartment in Manhattan for $7.2 million.[3]

See also

References
  1. "Anshu Jain: An Indian with a British passport who works for a German bank". Deccan Herald. Press Trust of India. 27 February 2014. Retrieved 10 August 2016.
  2. Comfort, Nicholas (29 April 2013). "No German Jain Brings Deutsche Bank to World as Client's Man". Bloomberg Markets. Retrieved 10 August 2016.
  3. Velsey, Kim (5 November 2012). "Deutsche Bank Boss Anshu Jain Invests In $7.2 M. Beacon Court Spread". The New York Observer. Retrieved 10 August 2016.
  4. Basak, Sonali (2 January 2017). "Jain Joins Cantor as President in Post-Deutsche Bank Restart". Bloomberg News. Retrieved 31 July 2020.
  5. Ewing, Jack (7 June 2015). "Deutsche Bank Co-Chief Executives Resign". New York Times. Retrieved 31 July 2020.
  6. Rüdel, Nils (1 June 2012). "Die Jains regieren die Welt". Handelsblatt. Retrieved 13 March 2019.
  7. Kirchfeld, Aaron; Simmons, Jacqueline (26 August 2010). "Anshu Jain: Deutsche Bank's Next CEO?". Bloomberg Businessweek. Retrieved 31 July 2020.
  8. "Isenberg Fact Sheet 02.12.15" (PDF). Isenberg School of Management at the University of Massachusetts Amherst. 12 February 2015. Retrieved 31 July 2020.
  9. "New leadership for Deutsche Bank". Deutsche Bank. 25 July 2011. Archived from the original on 16 October 2011.
  10. "Deutsche Bank cuts executive pay after restated earnings". Deutsche Welle. 22 March 2013. Retrieved 2 April 2013.
  11. Stewart, James B. (13 July 2020). "These Are the Deutsche Bank Executives Responsible for Serving Jeffrey Epstein". New York Times. Retrieved 14 July 2020.
  12. Henning, Eyk; Enrich, David; Strasburg, Jenny (7 June 2015). "Deutsche Bank Co-CEOs Jain and Fitschen Resign". Wall Street Journal. Retrieved 31 July 2020.
  13. Lee, Peter (30 June 2003). "Anshu Jain: Capital markets achievement award 2003". Euromoney. Retrieved 13 March 2019.
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