Anshu Jain

Anshuman "Anshu" Jain (7 January 1963 – 12 August 2022) was an Indian-born British business executive. From 2017 to 2022, he was the president of the American financial services firm Cantor Fitzgerald. He previously served as the Global co-CEO and co-Chairman of Deutsche Bank from June 2012 Jain was also a member of Deutsche Bank's Management Board. He was previously head of its 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 was born on 7 January 1963 in Jaipur, Rajasthan, India, and his father Ambuj Kumar Jain was a history teacher who became a career civil servant He was raised in the Jain religion and was a vegetarian. He then moved to the U.S. at the age of 19, At the university, he studied with Thomas Schneeweis, an expert in alternative investments such as futures, options, and derivatives. He was hired as an analyst in derivatives research at Kidder, Peabody & Co., where he worked from 1985 to 1988.

In 1988, he moved to Merrill Lynch. At the company he met Edson Mitchell, a talented investment banker who became his mentor. In February 1997, he was named head of Deutsche Bank's newly formed Global Institutional Client Group, and expanded fixed income into foreign exchange and credit derivatives. In September 2004, he was appointed co-head of the Corporate and Investment Bank, together with Michael Cohrs; Jain's responsibility was for the equities trading division and integrating it with the fixed-income division he already headed. 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. He had already been appointed to Deutsche Bank's 12-member Group Executive Committee, newly created by Ackermann, in 2002, and to its Management Board (Vorstand) in 2009. 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. Jain led the investment bank plus asset and wealth management, and was the face of Deutsche Bank internationally. He put Michele Faissola in charge of the unit, and to assist expansion had it do cross-business with Deutsche Bank's investment banking division. 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. 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.

Jain and Fitschen made headway in capitalizing the bank and cutting costs. regulatory fines and litigation fees sharply cut into profitability, and shareholders grew frustrated as Deutsche Bank failed to meet profit or earnings targets and as share price underperformed. 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, 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, Fitschen stayed on as transition co-CEO with newly appointed CEO John Cryan through 19 May 2016.

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.

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. Jain also stepped down from his role at SoFi. He was hired at Cantor Fitzgerald to help expand fixed-income and equities trading as well as prime brokerage, and he worked alongside Lutnick and directed strategy, vision, and operational foundation across the firm's businesses. He was on the finance group advisory board of the MIT Sloan School of Management. He was on the board of trustees of Chance to Shine, a British charitable foundation. He was a member of the advisory board of the Wildlife Conservation Trust, based in India. 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.

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

Personal life Jain was married to Geetika, a travel writer and children's book author. The couple lived in London and also had a residence in New York City.

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.

Jain died from duodenal cancer in London on 12 August 2022, at the age of 59.