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Anshu Jain

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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 (age 61)
Jaipur, Rajasthan, India
NationalityUnited Kingdom[1]
Alma materShri Ram College of Commerce
University of Massachusetts
Occupation(s)President of Cantor Fitzgerald
Former Co-CEO of Deutsche Bank

Anshuman Jain (born 7 January 1963) is a British Indian[2][3] business executive who currently serves as president of Cantor Fitzgerald.[4] Jain formerly served as the Co-CEO of Deutsche Bank from 2012 until July 2015.[5]

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 studied economics at Shri Ram College of Commerce, University of Delhi earning BA degree in 1983.[6] He also holds an MBA in Finance from University of Massachusetts Amherst.[7] He is a cousin of Ajit Jain, Vice-Chairman of Insurance Operations for Berkshire Hathaway.[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.

Since 2002, he had been in the Deutsche Bank Group Executive Committee (GEC) and was formerly head of Global Markets and joint head of the Corporate and Investment Bank from 2004. His previous 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 April 2010, Deutsche Bank reported first quarter net revenues of €9 billion of which the Corporate and Investment Bank contributed net revenues of €6.6 billion, up from €4.9 billion in the first quarter 2009.

At one time, Jain had been the subject of considerable speculation in the media that he would succeed Josef Ackermann as Chief Executive of Deutsche Bank. He earned almost €12 million in 2010 and was, therefore, the best earner at Deutsche Bank at the time. In comparison, CEO Josef Ackermann earned €8.8 million in 2010.

In addition to his commitments at Deutsche Bank, Jain was a non-executive director of Sasol, South Africa's leading oil and gas company. He served as a member of the Indian Prime Minister's Working Group on Inward Investment in India and more recently helped to lead Deutsche Bank's team advising the UK Treasury on financial stability, with a broad mandate across all elements of the bank rescue package and other financial issues. Jain was also a member of the Financial Services Global Competitiveness Group, tasked by the Chancellor of the Exchequer in July 2008 with a year-long assessment of the UK's long-term approach to international financial services.[citation needed]

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 Capital Markets Achievement Award in 2003.[9]

On 25 July 2011, he was appointed as Co-CEO of Deutsche Bank.[10]

In March 2013, it was reported that Jain requested a pay cut of almost €2 million ($2.60 million).[11][12]

On 7 June 2015 he resigned as Co-CEO of Deutsche Bank.[5] The two joint chief executives of Deutsche Bank are to step down, in an unexpected move that comes shortly after the investment bank was fined and criticised for its manipulation, with others, of the Libor. Investor frustration about the bank's performance became obvious last month when, at the annual meeting, 39% voted against Deutsche's management board, and several investors called for Jain and Fitschen to resign. The surprise move came just over a month after Deutsche was fined a record $2.5bn (£1.7bn) for rigging Libor, ordered to fire seven employees and was accused of being obstructive towards regulators in their investigations into the global manipulation of the benchmark rate. The penalties on Deutsche Bank also involved a guilty plea to the Department of Justice (DoJ) in the US and a deferred prosecution agreement. Jain headed its investment bank while the Libor was rigged, but the bank has said that he has been cleared of any wrongdoing.

Jürgen Fitschen, 66, and Anshu Jain, 52, were replaced by John Cryan, 54, a former finance chief at UBS AG who had subsequently worked as a senior executive at Singapore's Temasek. Jain, who had been employed by Deutsche Bank for 20 years, left employment on 30 June 2015 but remained a consultant until January 2016; Fitschen left the bank in May 2016.

The move follows a stormy time for Deutsche Bank, which has been forced to pay big fines to authorities on both sides of the Atlantic over manipulation of interest rates, as well as pleading guilty to criminal charges in the U.S. And the bank has met mounting pressure from shareholders amid those scandals coupled with a share price that has struggled for years.

At the bank's AGM in May, Jain and fellow executives drew support from only 61% of shareholders present, the lowest level for an executive at Deutsche Bank in recent history.

In second half of 2016, Anshu Jain invested Rs. 500 million in Incred Finance, an Indian NBFC founded by Bhupinder Singh, a former senior executive of Deutsche Bank.[13]

Personal life

In November 2012, Jain purchased a two-bedroom apartment in Manhattan for $7.2 million.[14]

See also

References

  1. ^ "Anshu Jain: An Indian with a British passport who works for a German bank". Deccan Herald. Retrieved 10 August 2016.
  2. ^ "No German Jain Brings Deutsche Bank to World as Client's Man". Bloomberg Markets. Retrieved 10 August 2016.
  3. ^ "Deutsche Bank Boss Anshu Jain Invests In $7.2 M. Beacon Court Spread". Observer. Retrieved 10 August 2016.
  4. ^ "Bloomberg Are you a robot?". Bloomberg L.P. Retrieved 13 March 2019. {{cite web}}: Cite uses generic title (help)
  5. ^ a b The New York Times, Co-Chief Executives of Deutsche Bank Resign 7 June 2015
  6. ^ "Bloomberg Are you a robot?". Bloomberg L.P. Retrieved 13 March 2019. {{cite web}}: Cite uses generic title (help)
  7. ^ "Deutsche Bank – Nachrichten". Db.com. Retrieved 13 March 2019.
  8. ^ "und Ajit:Die Jains regieren die Welt". Handelsblatt.com. Retrieved 13 March 2019.
  9. ^ "Anshu Jain: Capital markets achievement award 2003". Euromoney. Retrieved 13 March 2019.
  10. ^ "Archived copy". Archived from the original on 16 October 2011. Retrieved 22 August 2012.{{cite web}}: CS1 maint: archived copy as title (link)
  11. ^ "Deutsche Bank co-CEO asked for two million euro pay cut: paper". Chicago Tribune. Retrieved 2 April 2013.
  12. ^ "Deutsche Bank cuts executive pay after restated earnings". Deutsche Welle. Retrieved 2 April 2013.
  13. ^ Roy, Anup (22 August 2016). "InCred gets Anshu Jain, other top investors". Business Standard India. Retrieved 27 March 2017.
  14. ^ "Profile: Deutsche bank boss Anshu Jain invests in $7.2M. beacon court spread". The New York Observer. Retrieved 26 February 2013.
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