Former Deutsche Bank co-CEO Anshu Jain dies

Aug 13 (Reuters) – Anshu Jain, a high finance government finest identified for serving to German lender Deutsche Financial institution AG (DBKGn.DE) tackle the biggest Wall Avenue corporations, died in a single day on Saturday after a five-year battle with most cancers, his household mentioned. He was 59.

Jain, who was born in India, spent 20 years constructing Deutsche Financial institution into one of many world’s high common banks. He was the primary non-European to steer the German establishment.

Within the aftermath of the monetary disaster of 2008 and the European debt disaster that adopted, Jain pushed Deutsche to stay Europe’s “final man standing” as U.S. corporations pulled forward in world banking.

The years of enlargement into dangerous funding banking companies got here again to hang-out the financial institution, as regulation made complicated trades extra pricey. As co-chief government he struggled to chop again the chance and to get a grip on a protracted record 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. monetary companies agency Cantor Fitzgerald since 2017.

“He might be remembered for his management in monetary companies and his deep dedication to conservation,” mentioned Larry Fink, chief government of BlackRock Inc, who mentioned he knew Jain nicely.

Born within the Indian metropolis of Jaipur, Jain earned his bachelors on the College of Delhi earlier than finishing an MBA on the College of Massachusetts in Amherst.

A lifelong vegetarian, he liked wildlife images, safaris in Kenya’s Masaai Mara and wilderness conservation, his household mentioned.

He joined Deutsche in 1995 to launch a division specializing in hedge funds and derivatives. He then headed bond buying and selling and rising markets and later, as head of the funding financial institution, he out-earned his boss, then-CEO Josef Ackermann.

He was appointed to Deutsche’s administration board in 2009 and was liable for the company and funding financial institution division from 2010. From 2012 to 2015, he was co-CEO.

“Anybody who labored with Anshu skilled a passionate chief of mental brilliance,” mentioned current CEO, Christian Stitching.

Jain was identified in January 2017 with duodenal most cancers, which impacts the small gut, however managed to survive his preliminary prognosis by 4 years, the household mentioned.

“To his final day, Anshu stood by his lifelong willpower to ‘not be a statistic’,” the household mentioned.

Reporting by Vera Eckert in Frankfurt and Maria Ponnezhath in Bengaluru, Enhancing by Franklin Paul and Clelia Oziel

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