Anshu Jain

Jain was born on 7 January 1963 in Jaipur, India, and his father was a career civil servant^[9][3] who served in the Indian Audit and Accounts Service.^[2] He was raised in the Jain religion and was a vegetarian.^[3] When he was six, Jain moved with his father to New Delhi, and attended Delhi Public School, Mathura Road.^[10]

He studied at Shri Ram College of Commerce at the University of Delhi and earned Bachelor of Arts in economics in 1983.^[11] He then moved to the U.S. at the age of 19,^[12][13] and in 1985 he received an Master of Business Administration in finance from the Isenberg School of Management at the University of Massachusetts Amherst,^[14][11] where he was a member of Beta Gamma Sigma.^[15] At the university, he studied with Thomas Schneeweis, an expert in alternative investments such as futures, options, and derivatives.^[10][16][17]

Kidder Peabody and Merrill Lynch, 1985–1995

After receiving his MBA, Jain began his career on Wall Street.^[18][19] He was hired as an analyst in derivatives research at Kidder, Peabody & Co., where he worked from 1985 to 1988.^[10][17]

In 1988, he moved to Merrill Lynch.^[10] He spent seven years there, setting up and running its global hedge fund coverage group,^[10] selling interest-rate swaps and other financial products to hedge funds.^[3][20] At the company he met Edson Mitchell, a talented investment banker who became his mentor.^[10][17]

Deutsche Bank investment banker and executive, 1995–2012

In 1995, Deutsche Bank hired Jain's mentor Edson Mitchell away from Merrill Lynch and tasked him with creating a world-class investment bank division in London.^[20] Mitchell brought Jain with him, and hired hundreds of Merrill Lynch investment bankers to accompany them to London.^[19][10][18] Jain joined Deutsche Bank in June 1995 to head a combined group which marketed fixed-income derivatives to large investors and hedge funds.^[21][22] In February 1997, he was named head of Deutsche Bank's newly formed Global Institutional Client Group,^[23][24] and expanded fixed income into foreign exchange and credit derivatives.^[25] In mid-2000, he became head of global capital markets, sales, over-the-counter derivatives, global credit derivatives, and emerging markets.^[26][27][22]

When Mitchell died in a plane crash in December 2000, Jain succeeded him as head of Global Markets in early 2001.^{[28][29][30][31]} In September 2004, he was appointed co-head of the Corporate and Investment Bank, together with Michael Cohrs;^[25] Jain's responsibility was for the equities trading division and integrating it with the fixed-income division he already headed.^{[25][32][33][17]} This investment bank division was highly profitable under his leadership and produced the lion's share of Deutsche Bank's profits.^[13][12] Jain was noted as having helped build Deutsche Bank into a fixed-income powerhouse, more than doubling debt sales and trading revenue between 2000 and 2009,^[13][33] and for building Deutsche Bank into a global investment bank that rivalled Wall Street's giant firms.^[34][3][12]

Cohrs retired in 2010, and Jain became head of the entire Corporate and Investment Bank,^[25] overseeing global sales and trading operations that included bonds, commodities, emerging markets, equities, foreign exchange, money markets, credit derivatives, and interest-rate trading.^[35][36] This put Jain in charge of the unit that generated more than 80% of Deutsche Bank's profit, which strengthened his position as a probable successor to CEO Josef Ackermann, even though Jain was based in London and spoke no German.^[13] He had already been appointed to Deutsche Bank's 12-member Group Executive Committee, newly created by Ackermann,^[37] in 2002,^[38] and to its Management Board (Vorstand) in 2009.^[39][40][38]

Co-CEO of Deutsche Bank, 2012–2015

In July 2011, Jain was appointed co-CEO of Deutsche Bank, along with native German Jürgen Fitschen, effective 1 June 2012.^[41][6][7] During their years of co-leadership, Fitschen handled Deutsche Bank's retail bank and German affairs, and also handled the Deutsche Bank's relations with the Berlin government and other German stakeholders.^{[42][43][12][44]} Jain led the investment bank plus asset and wealth management, and was the face of Deutsche Bank internationally.^[42][43]

Jain combined the bank's asset management and wealth management divisions into a single unit,^[45][3] and expanded it to be a global competitor closer in size to Deutsche Bank's other major units.^[46][47][48] He put Michele Faissola in charge of the unit,^[49] and to assist expansion had it do cross-business with Deutsche Bank's investment banking division.^[50][49][46]

During Jain's tenure as co-CEO, Deutsche Bank was faced with a variety of regulatory investigations into and litigation concerning its 21st-century activities, many of them regarding divisions which Jain had had broad oversight for at the time^{[51][3][28][8][33]} and which CEO Ackermann had pressured to deliver increasingly outsized profits.^[29] Many of these investigations resulted in steep fines.^{[52][53][54][29][33]} In March 2013, Deutsche Bank restated its 2012 earnings report due to litigation costs, and Jain's and Fitschen's compensation for 2012 was cut to €4.8 million ($6.2 million) each.^[55] Subsequent regulatory fines included $2.5 billion in penalties in April 2015 to four regulators in the U.S. and UK over claims that Deutsche Bank traders had manipulated key interest-rate benchmarks such as the London Interbank Offered Rate (Libor) between 2005 and 2011.^[56][57] Deutsche Bank had already paid nearly $1 billion in 2013 in a European Commission antitrust investigation into Libor; the 2015 penalty brought its total Libor fines to $3.5 billion.^[58][59]

Jain and Fitschen made headway in capitalizing the bank and cutting costs.^[33][5][3] They sold holdings, reduced trading risk, and adjusted internal models to reduce the amount of capital needed to absorb losses.^[3] Jain lowered the bank's risk by unloading opaque, hard-to-trade assets.^[20] He also reduced bonuses.^[3] As time went on, however, shareholders found the improvements insufficient,^[60] regulatory fines and litigation fees sharply cut into profitability,^[61][62] and shareholders grew frustrated as Deutsche Bank failed to meet profit or earnings targets^[63][10][64] and as share price underperformed.^{[65][66][67][63]}

During his co-CEO tenure, Jain was also faced with criticism for not restructuring and transitioning Deutsche Bank away from the high-risk, increasingly scrutinized and regulated field of investment banking sufficiently or soon enough.^[10][28][68] A five-year restructuring plan that he and Fitschen unveiled in April 2015 was viewed by many shareholders and analysts as too little too late,^[69][70][53] and at the bank's annual meeting in May 2015 only 61% of shareholders voted in favor of the two co-CEOs' plan.^{[71][70][60][53][64]}

Seeing this as a loss of shareholder confidence,^[34][28] and facing criticism from employees over job cuts and closures in the restructuring plan,^[72] and in the wake of the April 2015 Libor fine and report plus a subsequent $55 million SEC fine and an internal Russian money-laundering probe,^[10][66] Jain and Fitschen announced their resignation on 7 June 2015.^{[34][72][65][73]} Fitschen stayed on as transition co-CEO with newly appointed CEO John Cryan through 19 May 2016.^[74]

Career after Deutsche Bank, 2015–2022

In 2016, Jain became an advisor to the San Francisco–based company SoFi (Social Finance, Inc.), a fintech firm.^[75][76][77]

In January 2017, he became president of Cantor Fitzgerald, a mid-sized, private New York–based firm, headed by Howard Lutnick, which offers investment banking and other financial services.^[78][28][79] Jain also stepped down from his role at SoFi.^[80] He was hired at Cantor Fitzgerald to help expand fixed-income and equities trading as well as prime brokerage,^[5][81] and he worked alongside Lutnick and directed strategy, vision, and operational foundation across the firm's businesses.^[82][51]

Jain was on the advisory board of InCred, a non-banking financial company in India.^[83] He was on the finance group advisory board of the MIT Sloan School of Management.^[84] He was on the board of trustees of Chance to Shine, a British charitable foundation.^[85] He was a member of the advisory board of the Wildlife Conservation Trust, based in India.^[86] He was previously 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.^[87][88]

In 2003 Jain received Euromoney magazine's Capital Markets Achievement Award.^[89] In 2006 he was honoured by the American India Foundation for his philanthropy and leadership.^[90] In 2010 he received Risk magazine's Lifetime Achievement Award,^[91][92] as well as the annual Business Leader Award from NASSCOM.^[93] In 2012 he was named Global Indian of the Year by The Economic Times at the Economic Times Awards.^[94] In 2014, he was awarded an Honorary Fellowship from London Business School,^[95] and an Honorary Doctorate by TERI University in New Delhi.^[96]

Jain was married to Geetika, a travel writer and children's book author.^[44][97] The couple lived in London and also had a residence in New York City.^[5][4] The couple have two children.^[13] Jain's interests included cricket, golf, wildlife photography, and wildlife conservation.^{[97][98][99][100]}

Anshuman has a biological brother Ashwin Jain and has a cousin Ajit Jain, who since 2018 has been vice chairman of insurance operations for Berkshire Hathaway.^[101]

Jain died from duodenal cancer in London on 12 August 2022, at the age of 59.^{[102][103][104]}

• Indians in the New York City metropolitan region

Wikimedia Commons has media related to Anshu Jain.

• Official bio at Cantor Fitzgerald