Anshu Jain, the Indian-born banker who helped transform Deutsche Bank from a largely domestic lender into a global financial titan, has died aged 59.
City of London-educated Jain, who led Deutsche as co-chief executive from 2012 to 2015, suffered from stomach cancer and died in the UK on Friday evening, his family confirmed.
“We are deeply saddened by our beloved husband, son and father. . . passed away overnight after a fierce five-year battle with duodenal cancer,” Jain’s family said in a statement, adding that he managed to survive his doctors’ initial prognosis of four years. “Until his dying day, Anshu remained true to his lifelong determination to ‘not be a statistic,'” they said.
Jain, a pioneer in derivatives trading, joined Germany’s biggest lender in 1995 from Merrill Lynch, where he had established and led a unit covering hedge funds worldwide. He quickly rose through the ranks.
After his mentor Edson Mitchell – the American who ran Deutsche’s investment banking arm – died in a plane crash in 2000, Jain became head of Deutsche’s global markets business, later co-heading the banking division. investment in 2004.
He jointly oversaw a period of rapid growth in which the unit generated the vast majority of Deutsche’s profits, briefly helping it become the largest bank in the world. Jain took sole control of the division in 2010, when he edged out then-CEO Josef Ackermann.
In what was then a rare achievement for a foreigner with less-than-polite German, Jaipur-born, Delhi-raised Jain was elevated to Deutsche Bank’s top job in 2012 and appointed co-chief executive alongside by the German Jürgen Fitschen. He received one of the highest salaries in the global banking industry and drew praise from key investors including Larry Fink, the boss of the bank’s largest shareholder, BlackRock.
However, shareholder unrest over lackluster profits, soaring costs, labor altercations and repeated clashes with Deutsche’s Frankfurt establishment led to Jain’s departure in the summer of 2015, two years before the end of his contract.
The bank was also under pressure from regulators, who worried about its internal culture. Deutsche had been forced to pay billions of euros to settle Libor manipulation charges and was under investigation for money laundering and currency exchange abuse.
After a brief setback, Jain returned to financial services in 2017 as chairman of US investment bank Cantor Fitzgerald, while also acting as an adviser to online bank SoFi.