Anshu Jain

After receiving his MBA, Jain began his career on Wall Street.[16][17] He was hired as an analyst in derivatives research at Kidder, Peabody & Co., where he worked from 1985 to 1988.[9][15]

In 1988, he moved to Merrill Lynch.[9] He spent seven years there, setting up and running its global hedge fund coverage group,[9] selling interest-rate swaps and other financial products to hedge funds.[2][18] At the company he met Edson Mitchell, a talented investment banker who became his mentor.[9][15]

In 1995, Deutsche Bank hired Jain's mentor Edson Mitchell away from Merrill Lynch and tasked him with creating a world-class investment bank division in London.[18] Mitchell brought Jain with him, and hired hundreds of Merrill Lynch investment bankers to accompany them to London.[17][9][16] Jain joined Deutsche Bank in June 1995 to head a combined group which marketed fixed-income derivatives to large investors and hedge funds.[19][20] In February 1997, he was named head of Deutsche Bank's newly formed Global Institutional Client Group,[21][22] and expanded fixed income into foreign exchange and credit derivatives.[23] In mid 2000, he became head of global capital markets’ sales, over-the-counter derivatives, global credit derivatives, and emerging markets.[24][25][20]

When Mitchell died in a plane crash in December 2000, Jain succeeded him as head of Global Markets in early 2001.[26][27][28][29] In September 2004, he was appointed co-head of the Corporate and Investment Bank, together with Michael Cohrs;[23] Jain's responsibility was for the equities trading division and integrating it with the fixed-income division he already headed.[23][30][31][15] This investment bank division was highly profitable under his leadership and produced the lion's share of Deutsche Bank's profits.[12][11] Jain was noted as having helped build Deutsche Bank into a fixed-income powerhouse, more than doubling debt sales and trading revenue between 2000 and 2009,[12][31] and for building Deutsche Bank into a global investment bank that rivalled Wall Street's giant firms.[32][2][11]

Cohrs retired in 2010, and Jain became head of the entire Corporate and Investment Bank,[23] overseeing global sales and trading operations that included bonds, commodities, emerging markets, equities, foreign exchange, money markets, credit derivatives, and interest-rate trading.[33][34] 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.[12] He had already been appointed to Deutsche Bank's 12-member Group Executive Committee, newly created by Ackermann,[35] in 2002,[36] and to its Management Board (Vorstand) in 2009.[37][38][36]

In July 2011, Jain was appointed co-CEO of Deutsche Bank, along with native German Jürgen Fitschen, effective 1 June 2012.[39][5][6] 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.[40][41][11][42] Jain led the investment bank plus asset and wealth management, and was the face of Deutsche Bank internationally.[40][41]

Jain combined the bank's asset management and wealth management divisions into a single unit,[43][2] and expanded it to be a global competitor closer in size to Deutsche Bank's other major units.[44][45][46] He put Michele Faissola in charge of the unit,[47] and to assist expansion had it do cross-business with Deutsche Bank's investment banking division.[48][47][44]

During Jain's tenure as co-CEO, Deutsche Bank was faced with a variety of regulatory investigations into and litigation concerning its 21st-century activities, many of them regarding divisions which Jain had had broad oversight for at the time[49][2][26][7][31] and which CEO Ackermann had pressured to deliver increasingly outsized profits.[27] Many of these investigations resulted in steep fines.[50][51][52][27][31] In March 2013, Deutsche Bank restated its 2012 earnings report due to litigation costs, and Jain's and Fitschen's compensation for 2012 was cut to €4.8 million ($6.2 million) each.[53] 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.[54][55] 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.[56][57]

Jain and Fitschen made headway in capitalizing the bank and cutting costs.[31][4][2] They sold holdings, reduced trading risk, and adjusted internal models to reduce the amount of capital needed to absorb losses.[2] Jain lowered the bank's risk by unloading opaque, hard-to-trade assets.[18] He also reduced bonuses.[2] As time went on, however, shareholders found the improvements insufficient,[58] regulatory fines and litigation fees sharply cut into profitability,[59][60] and shareholders grew frustrated as Deutsche Bank failed to meet profit or earnings targets[61][9][62] and as share price underperformed.[63][64][65][61]

During his co-CEO tenure Jain was also faced with criticism for not restructuring and transitioning Deutsche Bank away from the high-risk, increasingly scrutinized and regulated field of investment banking sufficiently or soon enough.[9][26][66] 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,[67][68][51] and at the bank's annual meeting in May 2015 only 61% of shareholders voted in favor of the two co-CEOs' plan.[69][68][58][51][62]

Seeing this as a loss of shareholder confidence,[32][26] and facing criticism from employees over job cuts and closures in the restructuring plan,[70] 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,[9][64] Jain and Fitschen announced their resignation on 7 June 2015.[32][70][63][71] Fitschen stayed on as transition co-CEO with newly appointed CEO John Cryan through 19 May 2016.[72] Jain's resignation was effective 30 June 2015,[72] and he stayed on as an unpaid advisor to the bank until January 2016.[72][71]

In 2016, Jain became an advisor to the San Francisco-based company SoFi (Social Finance, Inc.), a fintech firm.[73][74][75]

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.[76][26][77] Jain also stepped down from his role at SoFi.[78] He was hired at Cantor Fitzgerald to help expand fixed-income and equities trading as well as prime brokerage,[4][79] and he works alongside Lutnick and directs strategy, vision, and operational foundation across the firm's businesses.[80][49]

Jain is on the advisory board of InCred, a non-banking financial company in India.[81] He is on the finance group advisory board of the MIT Sloan School of Management.[82] He is on the board of trustees of Chance to Shine, a British charitable foundation.[83] He is a member of the advisory board of the Wildlife Conservation Trust, based in India.[84] 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.[85][86]