Anshu Jain

Anshu Jain
Born	1963-01-07January 7, 1963 Jaipur, Rajasthan, India
Nationality	British (Indian-born)
Education	University of Delhi (BA, Economics); University of Massachusetts Amherst (MBA, Finance)
Occupation	Banker
Company	Cantor Fitzgerald; Deutsche Bank
Title	President, Cantor Fitzgerald (2017 to 2022); Co-Chief Executive Officer, Deutsche Bank (2012 to 2015)
Spouse	Geetika Jain
Children	2

Anshuman "Anshu" Jain (7 January 1963 to 12 August 2022) was an Indian-born British banker who served as co-chief executive officer of Deutsche Bank from June 2012 to June 2015 and, from January 2017 until his death in August 2022, as president of the New York investment bank Cantor Fitzgerald. He joined Deutsche Bank from Merrill Lynch in 1995 and spent two decades building its trading and investment banking businesses, rising to head of Global Markets in 2001 and sole head of the Corporate and Investment Bank in 2010 before becoming co-chief executive alongside the German banker Jurgen Fitschen.

As co-chief executive, Jain led Deutsche Bank's investment bank and its asset and wealth management divisions while Fitschen managed the bank's German and retail operations. His tenure coincided with a series of regulatory investigations into conduct that occurred largely while he ran the investment bank, culminating in a $2.5 billion settlement over the manipulation of the London Interbank Offered Rate (Libor) in April 2015. Facing shareholder anger over the settlement and the bank's declining share price, Jain and Fitschen announced their resignations on 7 June 2015.

After leaving Deutsche Bank, Jain briefly advised the American fintech company Social Finance (SoFi) before joining Cantor Fitzgerald as group president in January 2017, working alongside its chairman and chief executive, Howard Lutnick, on the firm's trading, prime brokerage and fixed-income businesses. He was diagnosed with duodenal cancer in 2017 but continued to work at Cantor Fitzgerald until shortly before his death in London on 12 August 2022, at the age of 59.

Jain also served on advisory bodies including the finance group advisory board of the MIT Sloan School of Management and the board of trustees of the British cricket charity Chance to Shine, and he was a director of the Institute of International Finance and a member of the Monetary Authority of Singapore's international advisory panel.

Early life and education

Jain was born on 7 January 1963 in Jaipur, in the Indian state of Rajasthan. His father, Ambuj Jain, was a civil servant in the Indian Audit and Accounts Service whose postings moved the family regularly; Jain spent part of his childhood in Kabul, Afghanistan, when his father was transferred there. He was raised in the Jain religion, whose principle of non-violence to all living things kept the family vegetarian, a diet Jain followed throughout his life. His close friend Madhav Dhar recalled the ethos in the household as one of "hard work, integrity, asceticism, not being outrageous, not being lavish, and a tremendous focus on education".

Despite achieving high marks on the entrance examination for the Indian government service in 1955, Jain's father remained a comparatively modestly paid civil servant, and the young Anshu Jain took a public bus to school even though it was among the more prominent private schools in New Delhi. Jain studied economics at Shri Ram College of Commerce, part of the University of Delhi, earning a bachelor's degree with honours. It was at college in Delhi, when he was seventeen, that he met Geetika, whom he later married. After graduating, Jain followed Geetika and her family to the United States at the age of twenty and enrolled at the Isenberg School of Management at the University of Massachusetts Amherst, where he was a member of the Beta Gamma Sigma honour society and studied under Thomas Schneeweis, a professor of alternative investments. Schneeweis later recalled that "Anshu showed entrepreneurial spirit from the get-go. He always wanted to explain things beyond what was in a textbook." Jain received his MBA in finance in 1985.

Career

Kidder Peabody and Merrill Lynch, 1985 to 1995

After completing his MBA, Jain began his Wall Street career as an analyst in derivatives research at Kidder, Peabody & Co., where he worked from 1985 to 1988. He moved to Merrill Lynch in 1988 as a derivatives strategist and trader, working under Edson Mitchell to set up and run the firm's global hedge fund coverage group, selling interest-rate swaps and other products to hedge funds. David Enrich, a New York Times reporter and author of a history of Deutsche Bank, wrote that Jain "had to contend with the largely Irish Catholic sales force" at Merrill Lynch, whose members were "repeatedly mistaking him for an IT guy", but that he nonetheless became one of the firm's youngest-ever managing directors.

Building Deutsche Bank's markets business, 1995 to 2001

In 1995 Mitchell left Merrill Lynch for Deutsche Bank with a mandate to build a global investment bank out of London, and he brought Jain and hundreds of other Merrill Lynch bankers with him. Jain joined Deutsche Bank in June 1995 to head a combined group marketing fixed-income derivatives to large investors and hedge funds. On 24 February 1997, Deutsche Morgan Grenfell restructured its sales and distribution functions and named Jain head of a newly formed Global Institutional Client Group, combining his former relative value group with the bank's existing global sales team. By January 2001, as Deutsche Bank split its global markets group into three units, Jain led the refined global markets group, covering global capital markets sales, over-the-counter derivatives and emerging markets, while Kevin Parker took global equities and Grant Kvalheim took debt capital markets.

Mitchell was killed in a plane crash in Maine on 22 December 2000. Jain, his protege, hung a portrait of Mitchell in his office afterward and said he would have "gone to the ends of the Earth" for him. Jain succeeded Mitchell as head of Global Markets in early 2001, prevailing in an internal contest with another Mitchell protege, Grant Kvalheim, who left for Barclays Capital.

Head of Deutsche Bank's investment bank, 2001 to 2012

Jain was appointed to Deutsche Bank's newly created twelve-member Group Executive Committee in 2002 under chief executive Josef Ackermann. In September 2004 Ackermann named Jain co-head of the Corporate and Investment Bank alongside Michael Cohrs, giving Jain responsibility for equities trading and its integration with the fixed-income business he already ran. A 2006 profile in Institutional Investor described Jain, then 43, as one of three outsiders, alongside the Swiss-born Ackermann and the American Cohrs, who had taken Deutsche Bank "far beyond its German roots" in pursuit of a place among the world's leading investment banks. Jain told the magazine: "We have battled ceaselessly in the past ten years to narrow the gap with our U.S. rivals, but that gap is still there in the U.S. We want to become very credible in the U.S., top five or six, and No. 1 in Europe and Asia."

On 17 March 2009, Deutsche Bank's supervisory board appointed Jain to the bank's Management Board, effective 1 April 2009, alongside Cohrs, Fitschen and Rainer Neske. On 12 May 2010, the bank said Cohrs would retire that September and that Jain would take on sole responsibility for investment banking; the division Jain led generated 93 percent, or about 2.6 billion euros ($3.5 billion), of Deutsche Bank's group pretax profit in the first quarter of that year. By 2010, Jain oversaw 16,000 employees and a division producing 21 billion euros ($30.3 billion) in annual revenue, and executive recruiters regarded him as a leading external candidate to run rival banks such as Morgan Stanley, UBS or Barclays. BlackRock chief executive Laurence Fink, a Deutsche Bank shareholder, said at the time: "Anshu has done a fantastic job. He would make a very good chief executive at Deutsche or any other top financial institution." Robert Flohr, a Heidrick & Struggles search executive who had recruited for Mitchell, called Jain "the best non-C.E.O. working at a major bank" and said "he is the prince. All he needs is a kingdom."

Jain's sole leadership of the investment bank in 2010 made him the leading internal candidate to succeed Ackermann, but his path to the top job was contested. Lutz Roehmeyer, a Berlin-based fund manager, told Bloomberg Businessweek that Jain was "the crown prince" on performance but warned that "Deutsche Bank has a split personality, a global investment bank being run out of London and a German lender with a very political role. Any successor's key challenge will be bridging these two worlds." Ulrich Hocker, president of the German shareholder association DSW, argued that "it is impossible to be the Deutsche Bank CEO without speaking German" and recommended Jain take "a crash course", while analyst Peter Thorne of Helvea countered that passing over Jain would be "a sad day for Deutsche Bank and the German finance industry as a whole." Deutsche Bank's supervisory board, under chairman Clemens Boersig, ultimately paired Jain with Fitschen for the top job rather than choosing between him and other internal candidates such as chief risk officer Hugo Baenziger and chief financial officer Stefan Krause.

Co-chief executive officer of Deutsche Bank, 2012 to 2015

In July 2011, Deutsche Bank's supervisory board named Jain and Fitschen co-chief executives, effective 1 June 2012, succeeding Ackermann. The board adopted a dual structure to balance Jain, who had spent his career in London and did not speak German, against Fitschen, a longtime Deutsche Bank executive better placed to manage relations with German politicians, regulators and retail customers. Jain's contract as co-chief executive ran until March 2017, two years longer than Fitschen's. Ingo Speich, a fund manager at Union Investment in Frankfurt, said at the time that "for us corporate governance is in focus. The dual leadership structure is pragmatic but bears risks", adding that "unnecessary friction should be avoided and attention needs to be paid to prevent a split between investment banking and the German client business." Some major institutional shareholders, including Hermes Equity Ownership Services, voted against discharging Deutsche Bank's outgoing supervisory board at the AGM that installed Jain and Fitschen, citing what they called "deficiencies in the succession planning" for Ackermann's replacement.

Under a division of responsibilities announced on 1 June 2012, Jain took charge of asset and wealth management, corporate banking and securities, and global transaction banking, while Fitschen oversaw corporate investments and regional management outside continental Europe. Jain merged the bank's separate asset management and wealth management units into a single division, to "stand equally" alongside the bank's other business lines, and placed it under Michele Faissola, one of his lieutenants from the investment bank, with a mandate to grow pretax profit substantially by 2015. As an immigrant leading a bank whose name carried unusual national symbolism in Germany, Jain faced what colleagues described to David Enrich, author of a history of Deutsche Bank, as episodes of racism; Enrich wrote that "the local media insisted on pointing out, in just about every story, that he was Indian", and recounted that Fitschen once "apologetically explained to one colleague that Germans didn't look fondly upon outsiders in the banking sector." Jain rarely discussed the discrimination publicly, preferring, in the words of his friend Madhav Dhar, to "move on, charm and win."

Jain's first year in the role was turbulent. Barely six weeks after taking charge he issued a profit warning as second-quarter results showed a steep fall in earnings, and he followed it with an announcement that the bank would cut about 1,900 jobs, mostly in investment banking, and pursue a 3 billion euro cost-cutting programme. Germany's Federal Financial Supervisory Authority and central bank opened investigations into whether Deutsche Bank had hidden losses during the financial crisis, and police raided the bank's Frankfurt offices as part of a probe into value-added-tax fraud tied to carbon-emissions trading. Deutsche Bank raised its litigation reserves to 2.4 billion euros by the end of December 2012, from 800 million euros three months earlier, and the increased provisions helped produce a fourth-quarter loss of 2.5 billion euros, the bank's largest since the aftermath of the Lehman Brothers collapse in 2008. Jain and Fitschen were each paid 4.9 million euros for 2012, a fifty percent cut for Jain from the 9.8 million euros he had earned in 2011 as head of the investment bank. Jain, who moved his family from London to Frankfurt in 2012, told Bloomberg Markets: "Now, I have to win more people over, and you can't do that by talking, you have to listen too. Am I great at it? No. Am I getting better at it? I think I am."

Jain worked to raise Deutsche Bank's capital levels in the face of new international banking rules, and the bank's core Tier 1 capital ratio rose to 8.8 percent by the end of March 2013, from 7.8 percent three months earlier, narrowing a gap with rivals such as Barclays. An internal investigation, reported by the German newspaper Frankfurter Allgemeine Sonntagszeitung in January 2014, concluded that Jain himself had not been involved in the rigging of the Libor benchmark rate. Even so, in April 2015 Deutsche Bank agreed to pay $2.5 billion to United States and British regulators, including the Commodity Futures Trading Commission, the Department of Justice and Britain's Financial Conduct Authority, to settle findings that its traders had manipulated Libor and other benchmark rates between 2005 and 2011; it was, at the time, the largest such penalty imposed on any bank. Jain and Fitschen said in a statement: "We deeply regret this matter but are pleased to have resolved it. The Bank accepts the findings of the regulators." Partly because of the settlement, Deutsche Bank's first-quarter 2015 profit fell by about half, to 559 million euros from 1.1 billion euros a year earlier, even as revenue rose 24 percent to 10.4 billion euros.

In April 2015, Jain and Fitschen unveiled a five-year restructuring plan intended to simplify the bank and cut costs, but the plan was widely viewed by shareholders and analysts as insufficient. At Deutsche Bank's annual general meeting on 21 May 2015, thirty-nine percent of shareholders voted against management, an unusually high dissent for the bank. At the same meeting, Jain, addressing shareholders in English as German corporate law required his remarks to be delivered in German, had his microphone cut and a German voiceover substituted, which drew audible murmurs from the audience. Jain told colleagues afterward, "I don't want to stand in the way of the development of the bank and if necessary I will step aside", and one person present described him as "really upset". On 7 June 2015, Jain and Fitschen announced their resignations; Jain stepped down at the end of that month, while Fitschen remained in a transitional capacity into 2016. John Cryan, a former UBS finance chief and Deutsche Bank supervisory board member, was named to replace them. Jain declined a 15 million euro severance payment he would have been entitled to had he been dismissed rather than having resigned. In a statement, he said: "I will be forever honored to have served here, and I am convinced that the future of the bank is bright and in very good hands." Supervisory board chairman Paul Achleitner said Jain "has earned a place in our bank's history as an executive who helped to transform Deutsche Bank into the global leader, rooted in Germany, that it is today."

SoFi and Cantor Fitzgerald, 2016 to 2022

In February 2016, Jain joined Social Finance (SoFi), a San Francisco fintech lender, as a board adviser. He stepped down from that role at his own request in early 2017 as he moved to Cantor Fitzgerald. On 2 January 2017, Cantor Fitzgerald's chairman and chief executive, Howard Lutnick, announced in an internal email that Jain would join the private New York trading and investment banking firm as group president. Lutnick, a longtime friend, said Jain would work "alongside me as my partner as we expand our global footprint and drive the firm's momentum" and called the hire "a strong next step in broadening our franchise". Jain, who did not have executives reporting directly to him in the new role, was tasked with helping Cantor Fitzgerald expand its fixed-income and equities trading and prime brokerage businesses and with engaging directly with major clients. He said in a statement: "Cantor's unwavering determination to succeed despite past adversity, along with its fiercely loyal client base, and unique global position, are what attracted me to this great firm."

Over the following five years, Jain recruited new heads for several of Cantor Fitzgerald's divisions and worked to align their management practices. Lutnick later said: "The success the company had over those five years was enormous. Every statistic of the company is better." Jain was diagnosed with duodenal cancer early in 2017 but continued to work at Cantor Fitzgerald; about three months before his death he travelled to the Serengeti in Tanzania with his wife and son to photograph cheetahs and lions, a lifelong interest in wildlife photography. He remained president of Cantor Fitzgerald until his death in August 2022.

Leadership and management style

Colleagues and journalists who covered Jain consistently described a low-key personal manner set against an intensely driven management style. Reuters described him as exuding "college-boy charm with a black backpack sometimes slung over one shoulder in lieu of a leather briefcase" rather than the bearing of "a stiff, conventional banker". The trading and sales operation he built at Deutsche Bank became known internally as "Anshu's Army", a cadre of loyal deputies whose careers he had sponsored, and externally the business was nicknamed a "flow monster" for the sheer volume of currencies, bonds and interest-rate products it sold.

Jain's approach to expanding Deutsche Bank's client franchise relied on integrating previously separate trading desks. After Ackermann added the equities business to his portfolio in 2004, Jain met with about fifty of the bank's largest equity clients to ask what they wanted from the firm, concluding: "It was clear to me that we were not strategic about the resources we were allocating to them." His response was to merge the equity and fixed-income sales forces into unified client teams and to combine equity and credit research, an approach several other Wall Street firms later adopted.

As co-chief executive, Jain acknowledged that running a global bank required a different register from running a single trading division, telling Bloomberg Markets that he needed to spend more time listening to stakeholders rather than simply persuading them. He continued studying German after becoming co-chief executive, meeting privately with younger, English-speaking German lawmakers to discuss the bank's role in the country, though he told reporters his schedule limited his progress with the language. Associates said Jain was personally risk-averse even as he ran units that took on large trading positions; one aide told Der Spiegel, "Jain is personally against taking risks", noting that his hedging strategy of allowing bets both for and against the American housing market helped cushion Deutsche Bank against the worst of the 2008 subprime collapse. Jain also dismissed managers he held responsible for deals that later became liabilities, firing executives behind the bank's problematic United States real estate lending once their conduct drew regulatory scrutiny. In more prosperous years, Jain's division entertained its largest clients lavishly; in 2007 he arranged for the Rolling Stones to perform a private concert in Barcelona for major customers and bankers, a practice he later replaced with more discreetly staffed annual client events in London after the financial crisis changed public attitudes toward bank spending.

Major deals and strategic decisions

Jain built much of his early reputation on pushing Deutsche Bank into higher-margin structured products, arguing that "intellectual capital, rather than sheer balance-sheet strength" increasingly drove capital markets profitability; by his account, such products generated 60 to 65 percent of the investment bank's revenue by the mid-2000s, compared with as little as 10 percent from proprietary trading. Deutsche Bank became a leading dealer in credit default swaps and collateralized debt obligations under the sales and trading operation Jain ran.

During the buildup to the 2008 financial crisis, Jain, then responsible for the bank's interest-rate and mortgage-related products, supported Deutsche Bank's 2007 acquisition of the American mortgage originator MortgageIT during the late stages of the United States housing boom, a decision he later said he came to regard as "a serious mistake". Between 2005 and 2008, the businesses under Jain issued structured mortgage-backed securities worth a total of about $84 billion; when the housing bubble burst, several major investors sued the bank, and in September 2011 the United States Federal Housing Finance Agency named Deutsche Bank among seventeen banks it accused of misrepresenting the quality of mortgage-backed securities sold to Fannie Mae and Freddie Mac, alleging Deutsche Bank had sold the two mortgage agencies $14.2 billion of the securities.

Jain also pushed Deutsche Bank's expansion into emerging markets. He argued for outsourcing much of the bank's back-office and mechanical trading functions, including algorithmic trading, to information-technology companies in India to cut costs, and he championed a "global-local" strategy of building small investment-banking outposts in major developing markets. As part of that strategy, Deutsche Bank completed the purchase of the remaining 60 percent of United Financial Group, a Russian investment bank, in December 2005, having first acquired a stake in 2004; the acquisition helped Deutsche Bank win a leading share of Russian initial public offerings and mergers, including Gazprom's $13 billion acquisition of the oil producer Sibneft in 2005. Charles Ryan, the American banker who co-founded United Financial Group and became Deutsche Bank's chief executive in Russia, credited the bank's capital and brand, built up under Jain's markets business, with making those Russian mandates possible.

As co-chief executive, Jain's most significant structural decision was the 2012 merger of Deutsche Bank's separate asset management and wealth management businesses into a single Asset and Wealth Management division, placed under his former investment-banking lieutenant Michele Faissola with instructions to expand cross-selling with the investment bank and lift the combined unit's pretax profit substantially by 2015. In April 2015, months before his resignation, Jain and Fitschen announced a five-year restructuring intended to cut costs and simplify the bank's structure, a plan that shareholders judged too limited and too late to address Deutsche Bank's capital and reputational problems.

Financial and market performance

The trading and investment banking division Jain ran expanded sharply in scale during his time at Deutsche Bank. In 2005, sales and trading revenue in the business Jain oversaw rose 21 percent to 10.6 billion euros, with fixed-income, currency and commodities revenue up 16 percent to 7.3 billion euros and equities revenue up 33 percent to 3.3 billion euros, while the division's cost-income ratio fell to 79 percent from 85 percent the year before. Deutsche Bank's corporate and investment bank, the unit Jain led, generated only 21 percent of the group's overall pretax profit in 2002 but 71 percent by 2010, before falling back to 44 percent in 2011 following the acquisition of the German retail lender Postbank. By 2010, Jain's division employed about 16,000 people and generated roughly 21 billion euros, or $30.3 billion, in annual revenue, having more than doubled debt sales and trading revenue over the preceding decade. In the first quarter of 2010, the division Jain led produced 93 percent, or about 2.6 billion euros, of Deutsche Bank's total group pretax profit, and by the first half of that year it accounted for 78 percent of group pretax earnings.

At the time Jain and Fitschen took over as co-chief executives in June 2012, Deutsche Bank's market value stood at about 28 billion euros, roughly where it had been a decade earlier, and its share price had fallen to around 30 euros from about 70 euros when Ackermann became chief executive in 2002.

As co-chief executive, Jain oversaw a period of heavy litigation costs that weighed on reported profitability. Litigation reserves rose to 2.4 billion euros by the end of 2012, up from 800 million euros three months earlier, and the bank posted a fourth-quarter 2012 net loss of 2.5 billion euros, its largest quarterly loss since the period following the September 2008 collapse of Lehman Brothers. Deutsche Bank's core Tier 1 capital ratio improved from 7.8 percent at the end of 2012 to 8.8 percent by the end of March 2013. In the first quarter of 2015, shortly before Jain's resignation, group profit fell by about half year on year to 559 million euros, even though revenue rose 24 percent to 10.4 billion euros, as legal costs continued to weigh on results. By the end of March 2015, Deutsche Bank's leverage ratio stood at 3.4 percent, short of the bank's own 5 percent target. Reuters described Deutsche Bank as "one of the weakest performers of any major bank since Jain and Fitschen took over as co-chief executives", citing the bank's share price performance relative to peers over that period.

Jain's own compensation tracked the scale of the business he ran. He was paid 9.8 million euros for 2011 as head of the investment bank, and 4.9 million euros for 2012, a fifty percent reduction, as co-chief executive. Der Spiegel, reviewing the bank's disclosures over his career, estimated that Jain earned between 300 million and 400 million euros in total compensation across his roughly two decades at Deutsche Bank, and calculated that the Global Markets division he led generated about 25 billion euros of after-tax profit between 2001 and 2015, a substantial share of which was later offset by more than 12 billion euros in fines, damages and legal settlements the bank paid from 2012 onward. The same analysis found that between 1994 and 2015, Deutsche Bank's headcount rose by about 30 percent while its total compensation bill rose by about 200 percent, to 13 billion euros, with most of the increase concentrated in the businesses Jain and his deputies ran; in 2015, 756 of the bank's roughly 100,000 employees each earned more than 1 million euros.

Board memberships and outside roles

Within Deutsche Bank, Jain was a member of the Group Executive Committee from 2002 and of the Management Board from 1 April 2009 until his resignation in 2015. He led the Deutsche Bank team that advised the United Kingdom Treasury on financial stability. He sat on the board of directors of the Institute of International Finance, was a member of the Financial Services Forum, and served on the international advisory panel of the Monetary Authority of Singapore.

After leaving Deutsche Bank, Jain served as a board adviser to Social Finance (SoFi) from February 2016 until early 2017. He was on the advisory board of InCred, an Indian non-banking financial company, and on the finance group advisory board of the MIT Sloan School of Management. He was a trustee of Chance to Shine, a British charity that uses cricket coaching in schools and communities, and a member of the advisory board of the Wildlife Conservation Trust in India.

Controversies

Much of the regulatory scrutiny that Deutsche Bank faced during and after Jain's tenure concerned businesses he had run as head of the investment bank. In April 2015, Deutsche Bank agreed to pay $2.5 billion to American and British authorities, including the United States Commodity Futures Trading Commission, the Department of Justice, and Britain's Financial Conduct Authority, to settle findings that traders at the bank had manipulated Libor and other benchmark interest rates between 2005 and 2011. Some shareholders said afterward that Jain had handled the investigation and settlement badly, and criticism of his stewardship of the matter contributed to the pressure that led to his resignation two months later. An internal Deutsche Bank investigation, reported in January 2014, concluded that Jain personally had not been involved in the rate-rigging. Der Spiegel's account of the episode, drawing on a United States Senate committee report, said that on three occasions in the winter of 2007 a Deutsche Bank trader, Greg Lippmann, obtained Jain's permission to continue placing large bets against mortgage-backed securities that the bank was simultaneously selling to its own clients, and separately characterised Libor submitters within Jain's Global Markets division as having faced encouragement from managers under him to consult traders who held positions tied to the rate; Der Spiegel's reporting has not been independently confirmed by regulatory findings specific to Jain.

Deutsche Bank's real estate lending in the United States also drew legal action during Jain's period running the investment bank. In September 2011, the Federal Housing Finance Agency named Deutsche Bank among seventeen banks it sued over allegations that they had misrepresented the quality of mortgage-backed securities sold to Fannie Mae and Freddie Mac, including $14.2 billion of securities the agency said Deutsche Bank had sold to the two mortgage agencies. In Italy, Deutsche Bank was accused of using derivative trades to help the bank Monte dei Paschi di Siena conceal losses from investors; the bank was initially found liable in an Italian court, though the judgment was later overturned on appeal.

By mid-2015, Deutsche Bank was also the subject of an internal probe into whether the bank had facilitated so-called mirror trades, matched securities purchases and sales in London and Moscow, that authorities later said had allowed Russian clients to move billions of dollars out of the country between 2011 and 2015; the investigation became public in the weeks around Jain's resignation. At Deutsche Bank's annual general meeting on 21 May 2015, thirty-nine percent of shareholders voted against management's discharge, and Jain's decision to deliver his remarks in English, which the bank's German-language obligations required to be replaced on the audio feed with a German voiceover, drew visible frustration from shareholders in the hall.

Der Spiegel's later retrospective on Deutsche Bank's decline was sharply critical of the culture that developed under Jain's leadership of Global Markets, writing that as co-chief executive he "expanded the Group Executive Committee to 22 people to reward his acolytes" and arguing that his response to the mounting investigations was inadequate; the magazine's characterisation of his handling of the disclosures was its own editorial assessment rather than a regulatory finding. Analysts and investment bankers who spoke to Bloomberg in 2013 were divided in their assessment of Jain's responsibility for the bank's legal troubles: Konrad Becker of Merck Finck & Co. said Jain "runs the risk of becoming the face of the negative past of investment banking" given his years running the unit at the centre of the scandals, while Jain himself said the great majority of the litigation stemmed from conduct before 2009 and argued this showed that reforms he had introduced were working.

Personal life

Jain met his wife, Geetika, at Shri Ram College of Commerce in Delhi when he was seventeen; she later became a travel writer and children's book author. The couple had two children, a son, Arjun, and a daughter, Aranya. Jain's family lived for many years in West London before he moved to Frankfurt in 2012 to be closer to Deutsche Bank's headquarters after becoming co-chief executive, while also keeping a residence in New York; in 2012 he paid $7.2 million for a two-bedroom condominium at One Beacon Court on East 58th Street in Manhattan.

He was raised in the Jain religion and remained a vegetarian throughout his life. His interests included cricket, golf, and wildlife conservation and photography; he was a keen photographer of wild animals and, in his final months, travelled to the Serengeti in Tanzania with his wife and son to photograph cheetahs and lions. He had at one time held a stake in the Mumbai Indians cricket franchise, which he sold before 2010. Friends described Jain as unassuming despite his wealth; when he celebrated his twenty-fifth wedding anniversary in March 2012, the celebration was said to have included only old friends rather than celebrities. His father continued to drive himself to bridge games into his eighties even after Jain gave him a car with a chauffeur, and reportedly bought himself a Tata Nano, marketed at the time as the world's cheapest car.

His cousin, Ajit Jain, has been vice chairman of insurance operations at Berkshire Hathaway since 2018 and was widely regarded as a potential successor to Warren Buffett; Buffett was said to have been impressed by Anshu Jain's grasp of covered bonds after the two men met through Ajit Jain, reportedly predicting "that boy will be running an investment bank one of these days". Family members recalled that on a trip to an Indian national park with his cousin Amit Jain, Anshu Jain became so excited at the sight of a tiger that he climbed out of the family's car with a video camera to follow it on foot, a story his relatives continued to tell for years afterward.

Jain was diagnosed with duodenal cancer in 2017 and continued to work through most of his illness. He died in London on 12 August 2022, at the age of 59; his family said the cause was cancer of the intestines. He was survived by his wife, Geetika, their two children, his mother, Shashi Jain, and his brother, Ashwin Jain.

Philanthropy

Jain supported wildlife conservation causes in India, including through his advisory-board role with the Wildlife Conservation Trust and his association with the anti-poaching group Tiger Watch, which described him after his death as "a crucial supporter" of its work. He was honoured by the American India Foundation in 2006 for his philanthropy and leadership work in support of development projects in India. As a trustee of Chance to Shine, he supported the charity's programme of bringing cricket coaching into British state schools.

Recognition

Jain received Risk magazine's Lifetime Achievement Award, announced on 7 January 2010, in recognition of his role building Deutsche Bank's capital markets business since 1995. On 10 February 2010, the Indian technology industry association NASSCOM gave Jain its Business Leader Award at its India Leadership Forum in Mumbai; accepting the award, Jain said: "It is truly an honour to accept the Business Leader Award from NASSCOM. The award is a reflection of the positive role played by Deutsche Bank in the global financial industry during the recent financial crisis." In October 2012, The Economic Times named Jain its Global Indian of the Year at the ET Awards for Corporate Excellence. In 2014, London Business School awarded Jain an honorary fellowship, and on 5 February 2014, TERI University in New Delhi conferred an honorary doctorate on him at its sixth convocation; in a recorded message, Jain said: "TERI does vital work: deepening our understanding of energy usage, climate change and our natural environment. These subjects are close to my heart hence this award means a great deal to me."

See also

• Deutsche Bank
• Cantor Fitzgerald
• Jurgen Fitschen
• Josef Ackermann
• John Cryan
• Howard Lutnick
• Ajit Jain

External links

• Anshu Jain profile at the World Economic Forum