Last updated on April 10th, 2024 at 04:43 pm
Anshu Jain was a top finance executive who was best known for helping German lender Deutsche Bank AG take on the largest Wall Street firms. He battled cancer for five years before passing away on Saturday at the age of 59.
| Name | Anshuman Jain |
| Born | 7 January 1963 Jaipur, Rajasthan, India |
| Died | 12 August 2022 (aged 59) |
| Citizenship | United Kingdom |
Anshu was a visionary leader and a true pioneer in the financial services industry. He was a driving force behind Deutsche Bank’s transformation into a global powerhouse, and we will always be grateful for his contributions.
Anshu was a kind and compassionate man, and he will be deeply missed by everyone who had the privilege of knowing him. Our thoughts and prayers are with his family during this difficult time.
After spending two decades building Deutsche Bank into one of the world’s top universal banks, Jain, who was born in India, left the company. The German institution was led for the first time by a non-European.
Jain pushed Deutsche to remain Europe’s “last man standing” as U.S. firms pulled ahead in global banking in the aftermath of the financial crisis of 2008 and the European debt crisis that followed. The bank’s expansion into risky investment banking businesses came back to haunt it, as regulation made complex trades more costly. He struggled as co-chief executive to cut back the risk and get a grip on a long list of scandals that led to billions of dollars in fines.
Since 2017, he has been the president of U.S. financial services firm Cantor Fitzgerald. Prior to that, in 2015, he resigned from the German lender.
“I knew Jain well,” said Larry Fink, chief executive of BlackRock Inc. “He will be remembered for his leadership in financial services and his deep commitment to conservation.”
Jain, who was born in the Indian city of Jaipur, earned his bachelors at the University of Delhi before completing an MBA at the University of Massachusetts in Amherst. His family said that he, a lifelong vegetarian, loved wildlife photography, safaris in Kenya’s Masaai Mara, and wilderness conservation.
In 1995, he joined Deutsche to launch a division specializing in hedge funds and derivatives. He started out in bond trading and emerging markets and later, as head of the investment bank, he out-earned his boss, then-CEO Josef Ackermann. He was appointed to Deutsche’s management board in 2009 and was responsible for the corporate and investment bank division from 2010.He co-CEO from 2012 to 2015.”Christian Sewing, present CEO, said that anyone who worked with Anshu experienced a passionate leader of intellectual brilliance.”
The family said that Jain was diagnosed in January 2017 with duodenal cancer, which affects the small intestine, but he managed to outlive his initial diagnosis by four years.”Anshu’s lifelong determination was to ‘not be a statistic’,” the family said, “and he stood by that to his last day.”
