Anshu Jain

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Anshu Jain
Anshu Jain World Economic Forum 2013.jpg
Jain at the World Economic Forum Annual Meeting in 2013
Born (1963-01-07) 7 January 1963 (age 52)
Jaipur, Rajasthan, India
Nationality  United Kingdom
Ethnicity Marwari
Alma mater University of Delhi (B.A.)
University of Massachusetts (M.B.A.)
Occupation Ex-Co-CEO of Deutsche Bank
Employer Deutsche Bank

Anshuman Jain (born 7 January 1963 in Jaipur, Rajasthan, India) is an Indian business executive. He took over as Co-CEO of Deutsche Bank on 1 June 2012 to succeed Management Board Chairman Josef Ackermann.[1]

Jain is a member of Deutsche Bank’s Management Board. He, along with Jürgen Fitschen, was a co-CEO of the bank between 2012 and July 2015. Earlier, as head of the Corporate and Investment Bank, he was globally responsible for Deutsche Bank’s corporate finance, sales and trading, and transaction banking business. Jain resigned as co-CEO in July 2015 though he is expected to remain a consultant to the bank until January 2016.

Early life and career[edit]

Jain studied economics at University of Delhi's Shri Ram College of Commerce, earning a bachelor's degree with honors in 1983.[2] He also holds an MBA in Finance from the University of Massachusetts Amherst.[3] He is a cousin of Ajit Jain.[4]

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 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 has 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.

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

In addition to his Deutsche Bank commitments, Jain is 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.

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.[5]

On 25 July 2011, he was appointed as CO-CEO of Deutsche Bank.[6]

In March 2013, it was reported that Jain requested a pay cut of almost €2 million ($2.60 million).[7][8]

On 7 June 2015 he resigned as CO-CEO of Deutsche Bank.[1] 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 for its role in Libor manipulation and criticised for its conduct. 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 was head of its investment bank during the alleged Libor rigging, but the bank has said he has been cleared of any wrongdoing.

Jürgen Fitschen, 66, and Anshu Jain, 52, will be replaced by John Cryan, 54, the former finance chief at UBS AG, who subsequently worked as a senior executive at Singapore’s Temasek. Mr. Jain, who joined Deutsche Bank for 20 years this month, will go on 30 June and remain a consultant until January 2016. Mr. Fitschen will go in May next year.

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, Mr. Jain and fellow executives drew support from only 61% of shareholders present, the lowest level for an executive at Deutsche Bank in recent history.

Personal life[edit]

In November 2012 he purchased a two bedroom apartment in New York for $7.2 million.[9]

References[edit]

External links[edit]