Veteran banker Anshu Jain passes away at 59. All you need to know

File image of Anshu Jain

Former Deutsche Bank president and Co-CEO Anshu Jain passed away at 59 from cancer on August 13. The ace banker who is survived by his wife and two kids was currently serving as the president of Cantor Fitzgerald LP. Jain was working alongside Howard W Lutnick, Chairman and Chief Executive Officer of Cantor Fitzgerald before his untimely demise.

His three-year stint as the Co-CEO of Deutsche Bank ended abruptly in 2015 following shareholder and regulatory pressure over his way of dealing with several issues at the bank. Jain had joined the bank way back in 1995 and had served as a member of the management board since 2009 and the group executive committee since 2002. During his tenure as the Deutsche Bank Co-CEO, Jain got recognised for helping transform the commercial bank into a global universal bank boasting a leading investment banking franchise.

Notably, Jain had come under the regulatory scanner once again in 2019 when he was investigated for dividend tax-stripping via a tax scheme called “cum-ex”.

Anshu Jain had a Bachelor’s in Economics from Delhi University and had done his MBA in Finance degree from the University of Massachusetts Amherst. He got his first job in 1985 as an analyst in derivatives at Kidder, Peabody & Co. (currently known as UBS). After working with them for three years, he had joined the Merrill Lynch team in New York City, which he quit later to join the Deutsche Bank. He is credited with starting the first hedge fund coverage group in the securities industry.

He had received the Risk Magazine Lifetime Achievement Award in 2010 and also the Annual Business Leader Award from NASSCOM. The veteran banker had won the Euromoney Magazine Capital Markets Achievement Award in 2003 too and in 2005, he had received the American Indian Foundation’s Achievement Award for philanthropy and involvement in development.

According to Cantor Fitzgerald, “he was also on the team advising the UK Treasury on financial stability, sat on the Board of Directors of the Institute of International Finance, and was a member of the Financial Services Forum. Anshu also Jain served on the International Advisory Panel of the Monetary Authority of Singapore”.

The deceased was also known to be an ardent conservationist and was actively involved with environment and wildlife conservation groups across the world.