Anshu Jain, Deutsche Bank chief in a pivotal period, dies at 59

Anshu Jain, Cantor Fitzgerald’s president who was identified for his time main Deutsche Bank merchants into the lender’s funding banking heights, died 5 years after being identified with duodenal most cancers. He was 59.

“We are deeply saddened that our beloved husband, son, and father, Anshu Jain, passed away overnight,” his household mentioned in a press release Sarturday. He had been president of Cantor Fitzgerald since 2017, and earlier than that was co-chief government of Deutsche Bank AG.

Jain outlived his preliminary prognosis, made in January 2017, by 4 years “through a combination of exhaustive personal research, tactical skill, amazing caregivers, and sheer force of will,” Jain’s household wrote.

“There are few reliable statistics for life expectancy for stomach cancer in the third, fourth, and fifth years, because so few people survive these milestones,” they wrote. “To his last day, Anshu stood by his lifelong determination to ‘not be a statistic.’”

Born in Jaipur, India, the son of a civil servant, Jain rose to Wall Street’s highest ranks and reworked one in all Europe’s most outstanding lending establishments into a worldwide buying and selling powerhouse. He nurtured generations of merchants as he rose by way of the ranks of Deutsche Bank. Many of the risk-takers and bankers he led have gone on to work for Wall Street’s largest banks and expertise companies.

“Anshu’s intelligence was intimidating to me,” mentioned Boaz Weinstein, the Saba Capital Management founder who labored carefully with Jain at Deutsche Bank. “In the early years I would review notes before our meetings. He was a cut above everyone I met in the industry. Incredible curiosity and a lightning fast mind. He was a towering figure in my life.”

Jain — ceaselessly flying between key places of work in London and New York — most not too long ago recruited groups of merchants from bigger rivals to work at Cantor Fitzgerald. He and Cantor CEO Howard Lutnick, expanded ambitions in buying and selling, prime brokerage, dealmaking and forging deeper relationships with world traders.

“Anshu was the consummate professional who brought a wealth of experience and wisdom to his role,” Lutnick mentioned in a press release. “He will be remembered as an extraordinary leader, partner, and dear friend who will be greatly missed by all of us and by all who knew him.”

Jain took a big private stake within the agency, and constructed such a detailed connection to Lutnick that the duo spent the primary working hour of every morning talking from throughout continents, in accordance with a 2018 profile.

‘Intellect and charm’

“Anshu always stood out because of his intellect and charm,” billionaire investor Marc Lasry, co-founder of Avenue Capital Management, mentioned in an interview. “You enjoyed his company and thoughts, which is rare of someone in his position.”

Jain studied economics at Sri Ram College of Commerce, then graduated from enterprise college at University of Massachusetts at Amherst — the place he discovered the internal workings of derivatives. He held positions at Kidder Peabody & Co. and Merrill Lynch earlier than following his mentor, the late Edson Mitchell, to Deutsche Bank in 1995. Over time, he made the financial institution a fixture on Wall Street as his workforce snapped up work with hedge funds, competing with monetary giants together with Goldman Sachs Group Inc. and Citigroup Inc.

“Anshu Jain played a key role in expanding Deutsche Bank’s position in our global business with companies and institutional investors,” Alexander Wynaendts, chairman of the supervisory board, mentioned in an e-mailed assertion. “Today, this is of strategic importance not just for Deutsche Bank, but for Europe as a financial centre.”

As he spearheaded expansions into credit score derivatives and rising markets, Jain was named head of the funding financial institution in 2010, the place he took on duties for company finance and transaction banking items. The first non-European to rise to the helm of the German agency, Jain took the co-CEO place inside two years alongside Juergen Fitschen. He overhauled the financial institution’s equities technique and administration after losses throughout the credit score crunch in 2008.

Tumultuous yr

Jain’s early tenure at Deutsche Bank was met with a cascade of unhealthy information — a probe of tax evasion in carbon markets and raids by police and tax investigators — making his first yr tumultuous. He and Fitschen steered the financial institution by way of an inner probe into attainable cash laundering by Russian shoppers only a few months after Deutsche settled a probe into interest-rates rigging. On June 7, 2015, Jain resigned amid the tumult, and located his technique to Cantor two years later.

In his private life, Jain frolicked supporting wildlife and supported wildlife conservation teams the world over. He beloved to play and watch cricket and golf, and was an aficionado of Bollywood motion pictures. He is survived by his spouse Geetika, whom he met when he was 17, and their two kids.