Anshu Jain, ex-Deutsche Bank chief, dies at 59

By PTI IST (Released)


Jain died in London, where he had been living for some years. We are deeply saddened that our beloved husband, son and father, Anshu Jain, passed away overnight, his family said in a statement.

Anshu Jain, an Indian-born former co-CEO of Deutsche Bank who played a crucial role in the development of the German bank, has died after a nearly five-year battle with cancer. Deutsche Bank said in a statement on Saturday that it was mourning the death of its former co-CEO Anshu Jain, who died in the early hours of Saturday at the age of 59 after a long and serious illness.

Jain was diagnosed with duodenal cancer in 2017. Duodenal cancer is a rapidly growing mass of irregular cells in the first part of the small intestine.

Jain died in London, where he had been living for some years. We are deeply saddened that our beloved husband, son and father, Anshu Jain, passed away overnight, his family said in a statement.

The family said Jain survived his initial diagnosis by four years thanks to a combination of extensive personal research, tactical skills, incredible caregivers and strength of will. There are few reliable statistics on life expectancy for stomach cancer in the third, fourth, and fifth years, because very few people survive these stages. Until his dying day, Anshu remained true to his lifelong determination not to be a statistic,” Jain’s family said.

Who was Anshu Jain?

Born in Jaipur, Jain earned his bachelor’s degree in economics, with honors, from the University of Delhi and his MBA in finance from the University of Massachusetts at Amherst. He was among a growing number of Indian-born executives taking on leadership roles in global companies when he became co-CEO of Deutsche Bank in 2012, having joined the bank in 1995 to develop the emerging markets business of the bank.

Jain began his career on Wall Street, working for major financial firm Merrill Lynch. Deutsche said Jain played a crucial role in the development of the bank and was instrumental in developing the firm’s global capital markets business. He was appointed to the Board of Directors of Deutsche Bank in 2009 and was responsible for the Corporate and Investment Banking division from 2010. From 2012 to 2015 he was co-CEO.

“Anyone who has worked with Anshu has known a passionate and brilliant leader. His energy and loyalty to the bank left a deep impression on many of us. Our thoughts and condolences go out to his wife, children and mother. We will honor his memory.” said Alexander Wynaendts, chairman of Deutsche Bank’s supervisory board.

Today it is of strategic importance not only for Deutsche Bank, but for Europe as a financial centre,” added Wynaendts.

The bank said Jain’s contribution to Deutsche Bank and the industry has been recognized with numerous awards around the world. The TERI Technical University of New Delhi awarded him an honorary doctorate and the London Business School named him an Honorary Fellow.

In 2010 and 2012 he received the Lifetime Achievement Award from Risk magazine, in 2012 he was named Global Indian of the Year by the Economic Times of India, and in 2014 he was honored by the Jewish Museum of New York. Describing himself as an “Indian with a British passport who works for a German bank,” Jain told the Jewish Museum’s high-profile annual gala in 2014 that he had learned a lot from New York’s Jewish community when he arrived in New York. the city. after completing business school at the University of Massachusetts Amherst.

Besides his contributions to the bank, he has supported animal welfare projects in his native India and South Africa. After leaving Deutsche Bank, Jain joined a leading global financial services company, Cantor Fitzgerald, in 2017 and served as its chairman.

Anshu Jain’s career

Cantor Fitzgerald has sadly confirmed that Jain passed away overnight after battling a serious illness. Cantor Fitzgerald CEO Howard Lutnick said Jain was the consummate professional who brought a wealth of experience and wisdom to his role as chairman. He will be remembered as an extraordinary leader, partner and dear friend who will be greatly missed by all and sundry who knew him.

The organization said that among many other accomplishments across the group of companies, Jain was instrumental in creating and cultivating Cantor Fitzgerald’s advisory, sales and trading businesses and played a fundamental role in leading the executive committee of the investment bank.

Cantor noted that Jain was widely credited with developing Deutsche Bank’s capital markets business and helping to transform it into a global universal bank with a leading investment banking franchise. Prior to that, he held various positions at Merrill Lynch and Kidder, Peabody & Co.

He has served on the International Advisory Board of the Monetary Authority of Singapore and, as an ardent conservationist, has worked with global environmental and wildlife groups. Jain is survived by his wife Geetika Jain and two children.


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