Former Deutsche Bank co-CEO Anshu Jain dies

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Anshu Jain, co-CEO of Deutsche Bank, addresses the bank’s annual general meeting in Frankfurt, Germany, May 21, 2015. REUTERS/Kai Pfaffenbach

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Aug 13 (Reuters) – Anshu Jain, a top financial director best known for helping German lender Deutsche Bank AG (DBKGn.DE) take on the largest Wall Street companies, died Saturday night after a five year-long battle with cancer, his family said. He was 59.

Born in India, Jain spent two decades building Deutsche Bank into one of the world’s best universal banks. He was the first non-European to lead the German institution.

In the wake of the 2008 financial crisis and the European debt crisis that followed, Jain urged Deutsche to remain Europe’s last man standing as US companies made progress in global banking.

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The years of expansion into high-risk investment banking came back to haunt the bank, as regulations made complex transactions more expensive. As co-chief executive, he struggled to mitigate risk and come to grips with a long list of scandals that led to billions of dollars in fines.

He resigned from the German lender in 2015 and has been president of US financial services firm Cantor Fitzgerald since 2017.

“He will be remembered for his leadership in financial services and his deep commitment to conservation,” said Larry Fink, chief executive of BlackRock Inc, who said he knew Jain well.

Born in the Indian city of Jaipur, Jain received his bachelor’s degree from the University of Delhi before completing an MBA from the University of Massachusetts at Amherst.

A lifelong vegetarian, he loved wildlife photography, safaris in Kenya’s Masaai Mara and conservation, his family said.

He joined Deutsche in 1995 to found a division specializing in hedge funds and derivatives. He then ran bond and emerging markets trading and later, as head of the investment bank, earned more than his boss, then CEO Josef Ackermann.

He was appointed to the board of directors of Deutsche in 2009 and from 2010 he was responsible for the corporate and investment bank division. From 2012 to 2015 he was co-CEO.

“Everyone who has worked with Anshu has experienced a passionate leader of intellectual genius,” said current CEO, Christian Sewing.

Jain was diagnosed in January 2017 with duodenal cancer, which affects the small intestine, but managed to survive his initial diagnosis by four years, the family said.

“Until his last day, Anshu stood by his lifelong determination to be ‘not a statistic,'” the family said.

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Reporting by Vera Eckert in Frankfurt and Maria Ponnezhath in Bengaluru, editing by Franklin Paul and Clelia Oziel

Our Standards: The Thomson Reuters Trust Principles.

The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.

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