{{Short description|British-Indian businessman (1963–2022)}} {{For|the Indian cricketer|Anshu Jain (cricketer)}} {{Use British English|date=August 2022}} {{Use dmy dates|date=August 2022}} {{Infobox person | name = Anshu Jain | image = Anshu Jain World Economic Forum 2013.jpg | caption = Jain at the World Economic Forum Annual Meeting in 2013 | birth_date = {{Birth date|df=y|1963|01|7}} | birth_place = Jaipur, Rajasthan, India | death_date = {{Death date and age|2022|08|12|1963|01|7|df=y}} | death_place = London, England | known_for = | parents = Ambuj Jain<br />Shashi Jain<ref name="Jain Forbes"/> | relatives = Ajit Jain (cousin) | alma_mater = {{Plainlist| * Shri Ram College of Commerce *Delhi University * University of Massachusetts Amherst }} | citizenship = United Kingdom<ref name="Jain Deutsche UK India">{{Cite web|title=Anshu Jain: An Indian with a British passport who works for a German bank|url=http://www.deccanherald.com/content/388741/anshu-jain-indian-british-passport.html|work=Deccan Herald|agency=Press Trust of India|date=27 February 2014|access-date=10 August 2016|archive-date=3 March 2014|archive-url=https://web.archive.org/web/20140303230438/http://www.deccanherald.com/content/388741/anshu-jain-indian-british-passport.html|url-status=live}}</ref> | occupation = Business executive | title = {{Plainlist| * President of Cantor Fitzgerald * Co-CEO of Deutsche Bank }} | spouse = Geetika Jain | children = 2 }}
'''Anshuman''' "'''Anshu'''" '''Jain''' (7 January 1963 – 12 August 2022) was an Indian-born British business executive.<ref>{{Cite web |title=Anshu Jain |url=https://brockhaus.de/ecs/enzy/article/jain-anshu |access-date=2025-11-05 |website=Brockhaus Encyclopedia |quote=Jain, Anshu, actually Anshuman Jain, British business economist and bank manager of Indian origin, * 7.1.1963 in Jaipur, † 13.8.2022 in Great Britain.}}</ref><ref>{{Cite web |last=Ravensburg |first= |title=Anshu Jain |url=https://www.munzinger.de/search/go/document.jsp?id=00000025630 |archive-url=https://web.archive.org/web/20250120152528/https://www.munzinger.de/search/go/document.jsp?id=00000025630 |archive-date=2025-01-20 |access-date=2025-11-05 |website=Munzinger-Archiv |language=de |trans-quote=Anshu Jain. British-Indian bank manager; CEO of Deutsche Bank AG (2012-2015). Birthday: January 7, 1963 Jaipur (India). Date of death: August 13, 2022 London. Nation: Great Britain, India. Origin: Anshuman "Anshu" Jain was born in 1963 in Jaipur, in the northern Indian state of Rajasthan. His father, Ambuj Kumar Jain, was initially a history teacher and then, from 1969, worked in the federal government's auditing department in New Delhi. Jain and his younger brother grew up in the Nizamuddin West neighborhood there. His parents, Shashi and his mother, raised him according to the principles of Jainism.}}</ref><ref name="No German">{{Cite web |last=Comfort |first=Nicholas |date=29 April 2013 |title=No German Jain Brings Deutsche Bank to World as Client's Man |url=https://www.bloomberg.com/news/articles/2013-04-28/no-german-jain-bringing-deutsche-bank-to-world-as-customer-s-man |url-status=live |archive-url=https://web.archive.org/web/20201107031546/https://www.bloomberg.com/news/articles/2013-04-28/no-german-jain-bringing-deutsche-bank-to-world-as-customer-s-man |archive-date=7 November 2020 |access-date=10 August 2016 |work=Bloomberg Markets}}</ref><ref name="Anshu NY">{{Cite web |last=Velsey |first=Kim |date=5 November 2012 |title=Deutsche Bank Boss Anshu Jain Invests In $7.2 M. Beacon Court Spread |url=https://observer.com/2012/11/deutsche-bank-ceo-anshu-jain-invests-in-7-2-m-beacon-court-spread/ |url-status=live |archive-url=https://web.archive.org/web/20201107102748/https://observer.com/2012/11/deutsche-bank-ceo-anshu-jain-invests-in-7-2-m-beacon-court-spread/ |archive-date=7 November 2020 |access-date=10 August 2016 |work=The New York Observer}}</ref> From 2017 to 2022, he was the president of the American financial services firm Cantor Fitzgerald.<ref name="Restart">{{Cite news |url=https://www.bloomberg.com/news/articles/2017-01-02/ex-deutsche-bank-s-jain-to-join-cantor-fitzgerald-as-president |title=Jain Joins Cantor as President in Post-Deutsche Bank Restart |first=Sonali |last=Basak |work=Bloomberg News |date=2 January 2017 |access-date=31 July 2020 |archive-date=28 April 2019 |archive-url=https://web.archive.org/web/20190428123003/https://www.bloomberg.com/news/articles/2017-01-02/ex-deutsche-bank-s-jain-to-join-cantor-fitzgerald-as-president |url-status=live }}</ref> He previously served as the Global co-CEO and co-Chairman of Deutsche Bank from June 2012<ref name="takes charge" /><ref name="backs" /> until July 2015.<ref name="nytimes resign">{{Cite news |url=https://www.nytimes.com/2015/06/08/business/dealbook/co-chief-executives-of-deutsche-bank-resign.html |title=Deutsche Bank Co-Chief Executives Resign |first=Jack |last=Ewing |work=The New York Times |date=7 June 2015 |access-date=31 July 2020 |archive-date=18 November 2020 |archive-url=https://web.archive.org/web/20201118123712/https://www.nytimes.com/2015/06/08/business/dealbook/co-chief-executives-of-deutsche-bank-resign.html |url-status=live }}</ref> 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<ref name="Munzinger">{{cite web |title=Anshu Jain – Munzinger Biographie |url=https://www.munzinger.de/search/portrait/Anshu+Jain/0/25630.html |publisher=Munzinger-Archiv |access-date=13 August 2022 |date=17 November 2015 |archive-date=11 April 2011 |archive-url=https://web.archive.org/web/20110411093903/http://www.munzinger.de/search/portrait/anshu+jain/0/25630.html |url-status=live }}</ref><ref name="No German"/> and served in the Indian Audit and Accounts Service.<ref name="Jain Forbes">{{cite web |url=https://www.forbesindia.com/article/news/anshu-jain-who-took-deutsche-bank-to-wall-street-dies-at-59/79083/1 |title=Anshu Jain, who took Deutsche Bank to Wall Street, dies at 59 |work=Forbes |archive-url=https://web.archive.org/web/20240306051257/https://www.forbesindia.com/article/news/anshu-jain-who-took-deutsche-bank-to-wall-street-dies-at-59/79083/1 |access-date=6 March 2024|archive-date=6 March 2024 }}</ref> He was raised in the Jain religion and was a vegetarian.<ref name="No German"/> When he was six, Jain moved with his father to Nizamuddin West in Delhi, and attended Delhi Public School, Mathura Road.<ref name="Quartz India"/><ref name="Munzinger" />
From 1975 to 1977, Jain briefly attended a private Indian school in Kabul due to his father's job transfer before moving back to Delhi and completing his schooling from DPS, Mathura Road.<ref name="Munzinger" />
He studied at Shri Ram College of Commerce at the University of Delhi and earned Bachelor of Arts in economics in 1983.<ref name="India Inc.">{{Cite news |url=https://www.ibtimes.co.in/india-inc-speculates-who-would-succeed-cyrus-mistry-after-his-ouster-tata-sons-701139 |title=India Inc. speculates on who would succeed Cyrus Mistry after his ouster from Tata Sons |first=S V |last=Krishnamachari |work=International Business Times |date=25 October 2016 |access-date=11 October 2020 |archive-date=25 May 2021 |archive-url=https://web.archive.org/web/20210525015501/https://www.ibtimes.co.in/india-inc-speculates-who-would-succeed-cyrus-mistry-after-his-ouster-tata-sons-701139 |url-status=live }}</ref> He then moved to the U.S. at the age of 19,<ref name="Names Two" /><ref name="Next CEO?" /> and in 1985 he received a Master of Business Administration in finance from the Isenberg School of Management at the University of Massachusetts Amherst,<ref>{{Cite web |url=https://www.isenberg.umass.edu/sites/default/files/Documents/Isenberg%20Fact%20Sheet02.12.15.pdf |title=Isenberg Fact Sheet 02.12.15 |publisher=Isenberg School of Management at the University of Massachusetts Amherst |date=12 February 2015 |access-date=31 July 2020 |archive-date=1 May 2015 |archive-url=https://web.archive.org/web/20150501232835/https://www.isenberg.umass.edu/sites/default/files/Documents/Isenberg%20Fact%20Sheet02.12.15.pdf |url-status=live }}</ref><ref name="India Inc." /> where he was a member of Beta Gamma Sigma.<ref name="WEF Jain">{{cite web|title=Anshu Jain - World Economic Forum|url=https://www.weforum.org/people/anshu-jain/|access-date=7 March 2024|publisher=World Economic Forum|archive-url=https://web.archive.org/web/20240306185653/https://www.weforum.org/people/anshu-jain/ |archive-date=6 March 2024 }}</ref> At the university, he studied with Thomas Schneeweis, an expert in alternative investments such as futures, options, and derivatives.<ref name="Quartz India" /><ref>{{Cite news |url=https://www.karriere.de/absolventen-gesucht-die-deutsche-bank-setzt-auf-mba/23048812.html |title=Die Deutsche Bank setzt auf MBA |first=Christoph |last=Mohr |publisher=Karriere.de |date=11 September 2018 |access-date=25 October 2020 |archive-date=17 January 2021 |archive-url=https://web.archive.org/web/20210117212514/https://www.karriere.de/absolventen-gesucht-die-deutsche-bank-setzt-auf-mba/23048812.html |url-status=live }}</ref><ref name="Institutional Investor" />
==Career== ===Kidder Peabody and Merrill Lynch, 1985–1995=== After receiving his MBA, Jain began his career on Wall Street.<ref name="Reins">{{Cite news |url=https://www.wsj.com/articles/SB10001424052702304821304577438193506607000 |title=Jain Takes the Reins at Deutsche |first=Laura |last=Stevens |work=The Wall Street Journal |date=31 May 2012 |access-date=11 October 2020 |archive-date=21 October 2020 |archive-url=https://web.archive.org/web/20201021052236/https://www.wsj.com/articles/SB10001424052702304821304577438193506607000 |url-status=live }}</ref><ref name="Barriers">{{Cite news |url=https://www.nytimes.com/2011/06/15/business/global/15jain.html |title=A Star Faces Barriers to Deutsche Bank's Top Job |first=Landon |last=Thomas Jr. |work=The New York Times |date=14 June 2011 |access-date=11 October 2020 |archive-date=11 October 2020 |archive-url=https://web.archive.org/web/20201011120437/https://www.nytimes.com/2011/06/15/business/global/15jain.html |url-status=live }}</ref> He was hired as an analyst in derivatives research at Kidder, Peabody & Co., where he worked from 1985 to 1988.<ref name="Quartz India">{{Cite news |url=https://qz.com/india/421901/the-india-born-banker-who-transformed-deutsche-bank-is-on-his-way-out/ |title=The India-born banker who transformed Deutsche Bank is on his way out |first=Madhura |last=Karnik |work=Quartz India |date=8 June 2015 |access-date=11 October 2020 |archive-date=26 February 2021 |archive-url=https://web.archive.org/web/20210226044302/https://qz.com/india/421901/the-india-born-banker-who-transformed-deutsche-bank-is-on-his-way-out/ |url-status=live }}</ref><ref name="Institutional Investor">{{Cite news |url=https://www.institutionalinvestor.com/article/b150nvlnr0tb24/the-outsiders |title=The Outsiders |first=Tom |last=Buerkle |work=Institutional Investor |date=7 May 2006 |access-date=11 October 2020 |archive-date=14 November 2017 |archive-url=https://web.archive.org/web/20171114051056/https://www.institutionalinvestor.com/article/b150nvlnr0tb24/the-outsiders |url-status=live }}</ref>
In 1988, he moved to Merrill Lynch.<ref name="Quartz India"/> He spent seven years there, setting up and running its global hedge fund coverage group,<ref name="Quartz India"/> selling interest-rate swaps and other financial products to hedge funds.<ref name="No German"/><ref name="Flew">{{Cite news |url=https://www.nytimes.com/2016/12/30/business/dealbook/deutsche-bank-flew-and-fell-some-paid-a-high-price.html |title=Deutsche Bank Flew and Fell. Some Paid a High Price. |first=Landon |last=Thomas Jr. |work=The New York Times |date=30 December 2016 |access-date=11 October 2020 |archive-date=21 September 2021 |archive-url=https://web.archive.org/web/20210921013142/https://www.nytimes.com/2016/12/30/business/dealbook/deutsche-bank-flew-and-fell-some-paid-a-high-price.html |url-status=live }}</ref> At the company he met Edson Mitchell, a talented investment banker who became his mentor.<ref name="Quartz India"/><ref name="Institutional Investor"/>
===Deutsche Bank investment banker and executive, 1995–2012=== [[File:The CEO of Deutsche Bank AG, Shri Anshu Jain calling on the Prime Minister, Shri Narendra Modi, in New Delhi on February 02, 2015.jpg|thumb|right|Anshuman Jain, CEO of Deutsche Bank with 14th Prime Minister of India Narendra Modi in New Delhi on 2015.]] 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.<ref name="Flew"/> Mitchell brought Jain with him, and hired hundreds of Merrill Lynch investment bankers to accompany them to London.<ref name="Barriers"/><ref name="Quartz India"/><ref name="Reins"/> Jain joined Deutsche Bank in June 1995 to head a combined group which marketed fixed-income derivatives to large investors and hedge funds.<ref>{{Cite web |url=https://www.globalcapital.com/article/k56321r64h8z/anshu-jain-deutsche-bank |title=Anshu Jain, Deutsche Bank |website=Global Capital |date=21 June 2005 |access-date=11 October 2020 |archive-date=14 October 2020 |archive-url=https://web.archive.org/web/20201014031258/https://www.globalcapital.com/article/k56321r64h8z/anshu-jain-deutsche-bank |url-status=live }}</ref><ref name="Jain Profits">{{Cite news |url=https://www.bloomberg.com/news/articles/2005-02-02/jain-profits-meet-deutsche-bank-pride-provoke-clash-update1 |title=Jain Profits Meet Deutsche Bank Pride, Provoke Clash |first1=Christine |last1=Harper |first2=Vita |last2=Bekker |work=Bloomberg News |date=2 February 2005 |access-date=11 October 2020 }}</ref> In February 1997, he was named head of Deutsche Bank's newly formed Global Institutional Client Group,<ref>{{Cite web |url=https://www.fx-markets.com/foreign-exchange/wholesale/1543607/dmg-restructures-global-sales-management-naming-jain-head-of-new-institutional-division |title=DMG Restructures Global Sales Management Naming Jain Head Of New Institutional Division |website=FX Markets |date=24 February 1997 |access-date=14 October 2020 |archive-date=14 August 2022 |archive-url=https://web.archive.org/web/20220814073604/https://www.fx-markets.com/foreign-exchange/wholesale/1543607/dmg-restructures-global-sales-management-naming-jain-head-of-new-institutional-division |url-status=live }}</ref><ref>{{Cite book |url=https://books.google.com/books?id=TyQWAQAAMAAJ&q=%22Anshu+Jain+will+head+a+new+global+institutional+client+group+which+combines%22 |title=International Financing Review, ''Issues 1168–1171'' |publisher=IFR Pub. Limited |date=1997 |page=6 |access-date=14 October 2020 |archive-date=19 August 2022 |archive-url=https://web.archive.org/web/20220819112510/https://books.google.com/books?id=TyQWAQAAMAAJ&q=%22Anshu+Jain+will+head+a+new+global+institutional+client+group+which+combines%22 |url-status=live }}</ref> and expanded fixed income into foreign exchange and credit derivatives.<ref name="end of an era"/> In mid-2000, he became head of global capital markets, sales, over-the-counter derivatives, global credit derivatives, and emerging markets.<ref>{{Cite web |url=https://www.profit-loss.com/deutsche-promotes-senior-managers/ |title=Deutsche Promotes Senior Managers |website=Profit & Loss |date=1 July 2000 |access-date=14 October 2020 |archive-date=15 October 2020 |archive-url=https://web.archive.org/web/20201015020007/https://www.profit-loss.com/deutsche-promotes-senior-managers/ |url-status=live }}</ref><ref>{{Cite news |url=https://www.americanbanker.com/news/deutsche-splitting-global-lt-sm-gt-markets-group-in-3-parts |title=Deutsche Splitting Global Markets Group in 3 Parts |work=American Banker |date=4 January 2001 |access-date=14 October 2020 |archive-date=14 August 2022 |archive-url=https://web.archive.org/web/20220814073602/https://www.americanbanker.com/news/deutsche-splitting-global-lt-sm-gt-markets-group-in-3-parts |url-status=live }}</ref><ref name="Jain Profits"/>
When Mitchell died in a plane crash in December 2000, Jain succeeded him as head of Global Markets in early 2001.<ref name="Second Chance">{{Cite news |url=https://www.handelsblatt.com/english/finance/cantor-fitzgerald-anshu-jains-second-chance/23564970.html |title=Anshu Jain's Second Chance |first1=Frank |last1=Wiebe |first2=Katharina |last2=Slodczyk |work=Handelsblatt |date=4 January 2017 |access-date=12 October 2020 }}{{Dead link|date=August 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref name="Pillar">{{Cite news |url=https://www.spiegel.de/international/business/the-story-of-the-self-destruction-of-deutsche-bank-a-1118157.html |title=How a Pillar of German Banking Lost Its Way |first1=Ullrich |last1=Fichtner |first2=Hauke |last2=Goos |first3=Martin |last3=Hesse |work=Der Spiegel |date=28 October 2016 |access-date=12 October 2020 |archive-date=21 September 2020 |archive-url=https://web.archive.org/web/20200921093841/https://www.spiegel.de/international/business/the-story-of-the-self-destruction-of-deutsche-bank-a-1118157.html |url-status=live }}</ref><ref>{{Cite web |url=https://www.profit-loss.com/in-memoriam-edson-mitchell/ |title=In Memoriam: Edson Mitchell |website=Profit & Loss |date=1 February 2001 |access-date=12 October 2020 }}{{Dead link|date=August 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>{{Cite book |url=https://books.google.com/books?id=wZrYDwAAQBAJ&pg=PA586 |title=Deutsche Bank: The Global Hausbank, 1870 – 2020 |first1=Werner |last1=Plumpe |first2=Alexander |last2=Nützenadel |first3=Catherine |last3=Schenk |publisher=Bloomsbury Publishing |date=2020 |page=586 |isbn=9781472977298 |access-date=12 October 2020 |archive-date=19 August 2022 |archive-url=https://web.archive.org/web/20220819112510/https://books.google.com/books?id=wZrYDwAAQBAJ&pg=PA586 |url-status=live }}</ref> In September 2004, he was appointed co-head of the Corporate and Investment Bank, together with Michael Cohrs;<ref name="end of an era">{{Cite news |url=https://www.ifre.com/story/1378926/jains-departure-marks-end-of-an-era-gdt53f2j21 |title=Jain's departure marks end of an era |first1=Alex |last1=Chambers |first2=Gareth |last2=Gore |work=International Financing Review |date=12 June 2015 |access-date=13 October 2020 |archive-date=19 August 2022 |archive-url=https://web.archive.org/web/20220819112518/https://www.ifre.com/story/1378926/jains-departure-marks-end-of-an-era-gdt53f2j21 |url-status=live }}</ref> Jain's responsibility was for the equities trading division and integrating it with the fixed-income division he already headed.<ref name="end of an era"/><ref>{{Cite web |url=https://www.stockwatch.com.cy/en/article/eyropaiki-oikonomia/deutsche-bank-profit-increases-55-record-trading |title=Deutsche Bank Profit Increases 55% on Record Trading |website=Stockwatch.com |date=3 May 2006 |access-date=13 October 2020 |archive-date=16 March 2022 |archive-url=https://web.archive.org/web/20220316103114/https://www.stockwatch.com.cy/en/article/eyropaiki-oikonomia/deutsche-bank-profit-increases-55-record-trading |url-status=live }}</ref><ref name="Haunted">{{Cite news |url=https://www.bloomberg.com/news/articles/2014-03-25/jain-haunted-by-rainmaker-past-at-deutsche-bank |title=Jain Haunted by Rainmaker Past at Deutsche Bank |first=Nicholas |last=Comfort |work=Bloomberg News |date=25 March 2014 |access-date=13 October 2020 |archive-date=14 November 2017 |archive-url=https://web.archive.org/web/20171114051046/https://www.bloomberg.com/news/articles/2014-03-25/jain-haunted-by-rainmaker-past-at-deutsche-bank |url-status=live }}</ref><ref name="Institutional Investor"/> This investment bank division was highly profitable under his leadership and produced the lion's share of Deutsche Bank's profits.<ref name="Next CEO?"/><ref name="Names Two"/> 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,<ref name="Next CEO?"/><ref name="Haunted"/> and for building Deutsche Bank into a global investment bank that rivalled Wall Street's giant firms.<ref name="limbo"/><ref name="No German"/><ref name="Names Two"/>
Cohrs retired in 2010, and Jain became head of the entire Corporate and Investment Bank,<ref name="end of an era"/> overseeing global sales and trading operations that included bonds, commodities, emerging markets, equities, foreign exchange, money markets, credit derivatives, and interest-rate trading.<ref>{{Cite news |url=https://www.reuters.com/article/deutsche-jain/update-1-deutsche-banks-cohrs-to-hand-over-to-jain-idUSLDE65E1FE20100615 |title=UPDATE 1-Deutsche Bank's Cohrs to hand over to Jain |work=Reuters |date=15 June 2010 |access-date=15 October 2020 |archive-date=18 October 2020 |archive-url=https://web.archive.org/web/20201018080844/https://www.reuters.com/article/deutsche-jain/update-1-deutsche-banks-cohrs-to-hand-over-to-jain-idUSLDE65E1FE20100615 |url-status=live }}</ref><ref>{{Cite news |url=https://www.indiatoday.in/business/story/indian-anshu-jain-set-to-head-deutsche-bank-77120-2010-06-22 |title=Indian Anshu Jain set to head Deutsche Bank |first=Kunal |last=Doley |work=India Today |date=22 June 2010 |access-date=15 October 2020 |archive-date=17 October 2020 |archive-url=https://web.archive.org/web/20201017044201/https://www.indiatoday.in/business/story/indian-anshu-jain-set-to-head-deutsche-bank-77120-2010-06-22 |url-status=live }}</ref> 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.<ref name="Next CEO?">{{Cite news |url=https://www.bloomberg.com/news/articles/2010-08-26/anshu-jain-deutsche-banks-next-ceo |title=Anshu Jain: Deutsche Bank's Next CEO? |first1=Aaron |last1=Kirchfeld |first2=Jacqueline |last2=Simmons |work=Bloomberg News |date=26 August 2010 |access-date=22 October 2020 |archive-date=26 October 2020 |archive-url=https://web.archive.org/web/20201026230516/https://www.bloomberg.com/news/articles/2010-08-26/anshu-jain-deutsche-banks-next-ceo |url-status=live }}</ref> He had already been appointed to Deutsche Bank's 12-member Group Executive Committee, newly created by Ackermann,<ref>{{Cite news |url=https://www.economist.com/finance-and-economics/2002/01/31/deutsches-american-dream |title=Deutsche's American dream |newspaper=The Economist |date=31 January 2002 |access-date=22 October 2020 |archive-date=24 October 2020 |archive-url=https://web.archive.org/web/20201024054324/https://www.economist.com/finance-and-economics/2002/01/31/deutsches-american-dream |url-status=live }}</ref> in 2002,<ref name="cements">{{Cite news |url=https://www.ft.com/content/682d956a-796a-11df-b063-00144feabdc0 |title=Jain cements his position at Deutsche Bank |first1=James |last1=Wilson |first2=Megan |last2=Murphy |work=Financial Times |date=16 June 2010 |access-date=12 October 2020 |archive-date=15 October 2020 |archive-url=https://web.archive.org/web/20201015053913/https://www.ft.com/content/682d956a-796a-11df-b063-00144feabdc0 |url-status=live }}</ref> and to its Management Board (''Vorstand'') in 2009.<ref>{{Cite web |url=https://www.db.com/ir/en/download/20-F_2009_Deutsche_Bank.pdf |title=Annual Report 2009 on Form 20-F |website=DB.com |date=16 March 2010 |access-date=22 October 2020 |archive-date=17 October 2020 |archive-url=https://web.archive.org/web/20201017222459/https://www.db.com/ir/en/download/20-F_2009_Deutsche_Bank.pdf |url-status=live }}</ref><ref>{{Cite web |url=https://www.db.com/newsroom_news/archive/medien/four-new-members-appointed-to-deutsche-bank-s-management-board-en-11480.htm |title=Four new members appointed to Deutsche Bank's Management Board |website=Deutsche Bank |date=17 March 2009 |access-date=22 October 2020 |archive-date=17 October 2020 |archive-url=https://web.archive.org/web/20201017033911/https://www.db.com/newsroom_news/archive/medien/four-new-members-appointed-to-deutsche-bank-s-management-board-en-11480.htm |url-status=live }}</ref><ref name="cements"/>
===Co-CEO of Deutsche Bank, 2012–2015=== In July 2011, Jain was appointed co-CEO of Deutsche Bank, along with native German Jürgen Fitschen, effective 1 June 2012.<ref>{{Cite web|url=https://www.deutsche-bank.de/ir/en/content/ir_releases_2011_3624.htm |title=New leadership for Deutsche Bank |website=Deutsche Bank |date=25 July 2011 |archiveurl=https://web.archive.org/web/20111016062131/http://www.deutsche-bank.de/ir/en/content/ir_releases_2011_3624.htm |archivedate=16 October 2011}}</ref><ref name="takes charge">{{Cite news |url=https://www.businesstoday.in/current/world/anshu-jain-takes-charge-as-deutsche-bank-co-ceo/story/185027.html |title=Anshu Jain takes charge as Deutsche Bank co-CEO |work=Business Today |date=1 June 2012 |access-date=15 October 2020 |archive-date=24 June 2021 |archive-url=https://web.archive.org/web/20210624195851/https://www.businesstoday.in/current/world/anshu-jain-takes-charge-as-deutsche-bank-co-ceo/story/185027.html |url-status=live }}</ref><ref name="backs">{{Cite news |url=https://www.rediff.com/business/report/deutsche-bank-backs-its-india-born-co-ceo-anshu-jain/20140221.htm |title=Deutsche Bank backs its India born co-CEO Anshu Jain |work=Rediff.com |date=21 February 2014 |access-date=15 October 2020 |archive-date=7 April 2014 |archive-url=https://web.archive.org/web/20140407050845/http://www.rediff.com/business/report/deutsche-bank-backs-its-india-born-co-ceo-anshu-jain/20140221.htm |url-status=live }}</ref> 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.<ref name="charity role">{{Cite news |url=https://www.ft.com/content/d03cf82c-20fb-3406-96f6-e4533b1ca1e7 |title=Deutsche's former co-CEO takes charity role with bank |first=Laura |last=Noonan |work=Financial Times |date=31 August 2017 |access-date=22 October 2020 |archive-date=26 October 2020 |archive-url=https://web.archive.org/web/20201026111002/https://www.ft.com/content/d03cf82c-20fb-3406-96f6-e4533b1ca1e7 |url-status=live }}</ref><ref name="Double">{{Cite news |url=https://www.ft.com/content/76d883ac-8487-11e1-b4f5-00144feab49a |title=Banking: Double entry at Deutsche |first1=James |last1=Wilson |first2=Daniel |last2=Schäfer |work=Financial Times |date=12 April 2012 |access-date=22 October 2020 |archive-date=26 October 2020 |archive-url=https://web.archive.org/web/20201026144612/https://www.ft.com/content/76d883ac-8487-11e1-b4f5-00144feab49a |url-status=live }}</ref><ref name="Names Two">{{Cite news |url=https://www.wsj.com/articles/SB10001424053111904772304576468150188469420 |title=Deutsche Names Two as Co-CEOs |first=Laura |last=Stevens |work=The Wall Street Journal |date=26 July 2011 |access-date=22 October 2020 |archive-date=26 October 2020 |archive-url=https://web.archive.org/web/20201026233227/https://www.wsj.com/articles/SB10001424053111904772304576468150188469420 |url-status=live }}</ref><ref name="Mixes">{{Cite news |url=https://www.spiegel.de/international/business/the-new-face-of-deutsche-bank-anshu-jain-mixes-success-and-controversy-a-785834.html |title=Anshu Jain Mixes Success and Controversy |first1=Christoph |last1=Pauly |first2=Padma |last2=Rao |work=Der Spiegel |date=14 September 2011 |access-date=22 October 2020 |archive-date=11 April 2021 |archive-url=https://web.archive.org/web/20210411020007/https://www.spiegel.de/international/business/the-new-face-of-deutsche-bank-anshu-jain-mixes-success-and-controversy-a-785834.html |url-status=live }}</ref> Jain led the investment bank plus asset and wealth management, and was the face of Deutsche Bank internationally.<ref name="charity role"/><ref name="Double"/>
Jain combined the bank's asset management and wealth management divisions into a single unit,<ref>{{Cite web |url=https://www.marketwatch.com/story/deutsche-bank-details-duties-of-co-ceos-2012-06-01 |title=Deutsche Bank details duties of co-CEOs |first=Harriet |last=Torry |website=MarketWatch |date=1 June 2012 |access-date=21 October 2020 |archive-date=19 August 2022 |archive-url=https://web.archive.org/web/20220819112512/https://www.marketwatch.com/story/deutsche-bank-details-duties-of-co-ceos-2012-06-01 |url-status=live }}</ref><ref name="No German"/> and expanded it to be a global competitor closer in size to Deutsche Bank's other major units.<ref name="New era">{{Cite news |url=https://www.chicagotribune.com/news/ct-xpm-2012-05-10-sns-rt-deutschebankceol5e8g3gs8-20120510-story.html |title=New era for Deutsche Bank, Ackermann prepares to go |agency=Reuters |work=Chicago Tribune |date=10 May 2012 |access-date=21 October 2020 |archive-date=15 July 2021 |archive-url=https://web.archive.org/web/20210715214411/https://www.chicagotribune.com/news/ct-xpm-2012-05-10-sns-rt-deutschebankceol5e8g3gs8-20120510-story.html |url-status=live }}</ref><ref>{{Cite web |url=https://www.ipe.com/deutsche-to-unveil-new-strategy-in-september-as-wealth-asset-management-divisions-merge/45859.article |title=Deutsche to unveil new strategy in September as wealth, asset management divisions merge |first=Barbara |last=Ottawa |website=IPE.com |date=6 June 2012 |access-date=21 October 2020 |archive-date=19 August 2022 |archive-url=https://web.archive.org/web/20220819112515/https://www.ipe.com/deutsche-to-unveil-new-strategy-in-september-as-wealth-asset-management-divisions-merge/45859.article |url-status=live }}</ref><ref>{{Cite news |url=https://www.zeit.de/wirtschaft/2015-02/anshu-jain-deutsche-bank-co-ceo/komplettansicht |title='I will stay here for as long as I am needed' |first=Uwe Jean |last=Heuser |work=Die Zeit |date=21 February 2015 |access-date=21 October 2020 |archive-date=19 August 2022 |archive-url=https://web.archive.org/web/20220819112513/https://www.zeit.de/zustimmung?url=https%3A%2F%2Fwww.zeit.de%2Fwirtschaft%2F2015-02%2Fanshu-jain-deutsche-bank-co-ceo%2Fkomplettansicht |url-status=live }}</ref> He put Michele Faissola in charge of the unit,<ref name="Faissola Seeks">{{Cite news |url=https://www.bloomberg.com/news/articles/2012-09-13/faissola-seeks-deutsche-bank-profit-in-money-management |title=Faissola Seeks Deutsche Bank Profit in Money Management |first1=Nicholas |last1=Comfort |first2=Annette |last2=Weisbach |work=Bloomberg News |date=17 September 2012 |access-date=21 October 2020 }}</ref> and to assist expansion had it do cross-business with Deutsche Bank's investment banking division.<ref>{{Cite news |url=https://www.wsj.com/articles/deutsche-bank-sharpens-focus-on-wealth-management-investment-banking-1406463121 |title=Deutsche Bank Sharpens Focus on Wealth Management, Investment Bankin |first=Eyk |last=Henning |work=The Wall Street Journal |date=27 July 2014 |access-date=21 October 2020 |archive-date=10 July 2022 |archive-url=https://web.archive.org/web/20220710065420/https://www.wsj.com/articles/deutsche-bank-sharpens-focus-on-wealth-management-investment-banking-1406463121 |url-status=live }}</ref><ref name="Faissola Seeks"/><ref name="New era"/>
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<ref name="Jain to Join">{{Cite news |url=https://www.nytimes.com/2017/01/02/business/dealbook/anshu-jain-cantor-fitzgerald-deutsche-bank.html |title=Anshu Jain to Join Cantor Fitzgerald as President |first=Landon |last=Thomas Jr. |work=The New York Times |date=2 January 2017 |access-date=15 October 2020 |archive-date=17 October 2020 |archive-url=https://web.archive.org/web/20201017140336/https://www.nytimes.com/2017/01/02/business/dealbook/anshu-jain-cantor-fitzgerald-deutsche-bank.html |url-status=live }}</ref><ref name="No German"/><ref name="Second Chance"/><ref name="nytimes resign"/><ref name="Haunted"/> and which CEO Ackermann had pressured to deliver increasingly outsized profits.<ref name="Pillar"/> Many of these investigations resulted in steep fines.<ref>{{Cite news |url=https://dealbook.nytimes.com/2014/05/22/deutsche-bank-vows-to-remain-a-top-5-investment-bank/ |title=Deutsche Bank Vows to Remain a Top 5 Investment Bank |first=Jack |last=Ewing |work=The New York Times |date=22 May 2014 |access-date=15 October 2020 |archive-date=26 September 2020 |archive-url=https://web.archive.org/web/20200926015739/https://dealbook.nytimes.com/2014/05/22/deutsche-bank-vows-to-remain-a-top-5-investment-bank/ |url-status=live }}</ref><ref name="revolt">{{Cite news |url=https://www.ft.com/content/78c14c60-ff97-11e4-8c46-00144feabdc0 |title=Deutsche Bank investors revolt with 39% vote against management |first=James |last=Shotter |work=Financial Times |date=21 May 2015 |access-date=15 October 2020 |archive-date=15 August 2020 |archive-url=https://web.archive.org/web/20200815104624/https://www.ft.com/content/78c14c60-ff97-11e4-8c46-00144feabdc0 |url-status=live }}</ref><ref name="ascent">{{Cite news |url=https://www.ft.com/content/85d28a08-0d1c-11e5-b850-00144feabdc0 |title=Anshu Jain's ascent was easier than time at top in Deutsche Bank |first=James |last=Shotter |work=Financial Times |date=7 June 2015 |access-date=15 October 2020 |archive-date=19 October 2020 |archive-url=https://web.archive.org/web/20201019174429/https://www.ft.com/content/85d28a08-0d1c-11e5-b850-00144feabdc0 |url-status=live }}</ref><ref name="Pillar"/><ref name="Haunted"/> 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.<ref>{{Cite news|url=http://www.dw.de/deutsche-bank-cuts-executive-pay-after-restated-earnings/a-16693526|title=Deutsche Bank cuts executive pay after restated earnings|work=Deutsche Welle|date=22 March 2013|access-date=2 April 2013|archive-date=26 March 2013|archive-url=https://web.archive.org/web/20130326234123/http://www.dw.de/deutsche-bank-cuts-executive-pay-after-restated-earnings/a-16693526|url-status=live}}</ref> 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.<ref>{{Cite news |url=https://www.forbes.com/sites/antoinegara/2015/04/23/deutsche-bank-pays-2-5-billion-to-settle-libor-manipulation-suit/ |title=Deutsche Bank Pays $2.5 Billion To Settle LIBOR Manipulation Suit |first=Antoine |last=Gara |work=Forbes |date=23 April 2015 |access-date=14 October 2020 |archive-date=14 October 2020 |archive-url=https://web.archive.org/web/20201014115721/https://www.forbes.com/sites/antoinegara/2015/04/23/deutsche-bank-pays-2-5-billion-to-settle-libor-manipulation-suit/ |url-status=live }}</ref><ref>{{Cite news |url=https://www.nytimes.com/2015/04/24/business/dealbook/deutsche-bank-settlement-rates.html |title=Deutsche Bank to Pay $2.5 Billion Fine to Settle Rate-Rigging Case |first1=Ben |last1=Protess |first2=Jack |last2=Ewing |work=The New York Times |date=23 April 2015 |access-date=14 October 2020 |archive-date=8 November 2020 |archive-url=https://web.archive.org/web/20201108101506/http://www.nytimes.com/2015/04/24/business/dealbook/deutsche-bank-settlement-rates.html |url-status=live }}</ref> 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.<ref>{{Cite news |url=https://www.wsj.com/articles/deutsche-bank-settles-libor-investigation-with-u-s-u-k-authorities-1429791118 |title=Deutsche Bank to Pay $2.5 Billion to Settle Libor Investigation |first1=Eyk |last1=Henning |first2=David |last2=Enrich |work=The Wall Street Journal |date=13 April 2015 |access-date=14 October 2020 |archive-date=17 October 2020 |archive-url=https://web.archive.org/web/20201017051605/https://www.wsj.com/articles/deutsche-bank-settles-libor-investigation-with-u-s-u-k-authorities-1429791118 |url-status=live }}</ref><ref>{{Cite news |url=https://www.handelsblatt.com/english/finance/legal-settlement-deutsche-to-pay-2-5-billion-in-libor-scandal/23502494.html |title=Deutsche to Pay $2.5 Billion in Libor Scandal |first1=Laura |last1=de la Motte |first2=Daniel |last2=Schäfer |first3=Katharina |last3=Slodczyk |first4=Katharina |last4=Kort |work=Handelsblatt |date=23 April 2015 |access-date=14 October 2020 }}{{Dead link|date=August 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
Jain and Fitschen made headway in capitalizing the bank and cutting costs.<ref name="Haunted"/><ref name="Restart"/><ref name="No German"/> They sold holdings, reduced trading risk, and adjusted internal models to reduce the amount of capital needed to absorb losses.<ref name="No German"/> Jain lowered the bank's risk by unloading opaque, hard-to-trade assets.<ref name="Flew"/> He also reduced bonuses.<ref name="No German"/> As time went on, however, shareholders found the improvements insufficient,<ref name="Painful Lessons">{{Cite news |url=https://www.nytimes.com/2015/06/09/business/dealbook/anshu-jains-painful-lessons-for-new-deutsche-boss.html |title=Anshu Jain's Painful Lessons for New Deutsche Boss |first=Dominic |last=Elliott |work=The New York Times |date=8 June 2015 |access-date=17 October 2020 |archive-date=12 May 2021 |archive-url=https://web.archive.org/web/20210512082725/https://www.nytimes.com/2015/06/09/business/dealbook/anshu-jains-painful-lessons-for-new-deutsche-boss.html |url-status=live }}</ref> regulatory fines and litigation fees sharply cut into profitability,<ref>{{Cite news |url=https://www.reuters.com/article/us-deutschebank-libor/deutsche-bank-clears-co-ceo-jain-in-internal-libor-probe-report-idUSBREA0P0E220140126 |title=Deutsche Bank clears co-CEO Jain in internal Libor probe: report |work=Reuters |date=26 January 2014 |access-date=17 October 2020 |archive-date=19 August 2022 |archive-url=https://web.archive.org/web/20220819112516/https://www.reuters.com/article/us-deutschebank-libor/deutsche-bank-clears-co-ceo-jain-in-internal-libor-probe-report-idUSBREA0P0E220140126 |url-status=live }}</ref><ref>{{Cite news |url=https://www.ft.com/content/7b75522e-ec16-11e4-b428-00144feab7de |title=Deutsche Bank figures halved after record fine for Libor rigging |first1=James |last1=Shotter |first2=Laura |last2=Noonan |work=Financial Times |date=26 April 2015 |access-date=17 October 2020 |archive-date=19 December 2020 |archive-url=https://web.archive.org/web/20201219210259/https://www.ft.com/content/7b75522e-ec16-11e4-b428-00144feab7de |url-status=live }}</ref> and shareholders grew frustrated as Deutsche Bank failed to meet profit or earnings targets<ref name="Why">{{Cite news |url=https://www.dailyo.in/business/anshu-jain-quits-deutsche-bank-investment-banking-euro-zone-recession-citibank-jurgen-fitschen-peter-sand/story/1/4199.html |title=Why Deutsche Bank's Anshu Jain had to go |first=Anand |last=Adhikari |work=DailyO |date=9 June 2015 |access-date=17 October 2020 |archive-date=26 September 2021 |archive-url=https://web.archive.org/web/20210926114924/https://www.dailyo.in/business/anshu-jain-quits-deutsche-bank-investment-banking-euro-zone-recession-citibank-jurgen-fitschen-peter-sand/story/1/4199.html |url-status=live }}</ref><ref name="Quartz India"/><ref name="puts paid">{{Cite news |url=https://www.ft.com/content/87c2fe96-0d18-11e5-b850-00144feabdc0 |title=Bad timing puts paid to Anshu Jain's dream |first=Patrick |last=Jenkins |work=Financial Times |date=7 June 2015 |access-date=17 October 2020 |archive-date=6 May 2021 |archive-url=https://web.archive.org/web/20210506015627/https://www.ft.com/content/87c2fe96-0d18-11e5-b850-00144feabdc0 |url-status=live }}</ref> and as share price underperformed.<ref name="clean-up job">{{Cite news |url=https://www.ft.com/content/d6ad4bd0-1f09-11e5-ab0f-6bb9974f25d0 |title=Deutsche Bank: John Cryan's clean-up job |first1=Martin |last1=Arnold |first2=Patrick |last2=Jenkins |first3=James |last3=Shotter |work=Financial Times |date=30 June 2015 |access-date=17 October 2020 |archive-date=1 October 2019 |archive-url=https://web.archive.org/web/20191001082332/https://www.ft.com/content/d6ad4bd0-1f09-11e5-ab0f-6bb9974f25d0 |url-status=live }}</ref><ref name="after struggle">{{Cite news |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/deutsche-bank-co-chief-executive-anshu-jain-resigns-after-struggle-with-regulatory-woes/articleshow/47578347.cms |title=Deutsche Bank co-chief executive Anshu Jain resigns after struggle with regulatory woes |work=The Economic Times |date=8 June 2015 |access-date=17 October 2020 |archive-date=29 September 2017 |archive-url=https://web.archive.org/web/20170929022801/http://economictimes.indiatimes.com/industry/banking/finance/banking/deutsche-bank-co-chief-executive-anshu-jain-resigns-after-struggle-with-regulatory-woes/articleshow/47578347.cms |url-status=live }}</ref><ref>{{Cite news |url=https://www.ft.com/content/3373f932-0d34-11e5-b850-00144feabdc0 |title=Hard slog remains for Deutsche Bank as Anshu Jain walks away |first1=Martin |last1=Arnold |first2=James |last2=Shotter |work=Financial Times |date=7 June 2015 |access-date=17 October 2020 |archive-date=2 July 2020 |archive-url=https://web.archive.org/web/20200702230117/https://www.ft.com/content/3373f932-0d34-11e5-b850-00144feabdc0 |url-status=live }}</ref><ref name="Why"/>
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.<ref name="Quartz India"/><ref name="Second Chance"/><ref>{{Cite news |url=https://www.ft.com/content/f95615c6-dff0-11e3-9534-00144feabdc0 |title=Finance: Deutsche Bank's gamble |first1=Daniel |last1=Schäfer |first2=Alice |last2=Ross |work=Financial Times |date=20 May 2014 |access-date=17 October 2020 |archive-date=17 October 2020 |archive-url=https://web.archive.org/web/20201017094442/https://www.ft.com/content/f95615c6-dff0-11e3-9534-00144feabdc0 |url-status=live }}</ref> 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,<ref>{{Cite news |url=https://www.nytimes.com/video/multimedia/100000003651403/whats-wrong-with-deutsche-banks-plan.html |title=What's wrong with Deutsche Bank's plan? |work=The New York Times |agency=Reuters |date=27 April 2015 |access-date=20 October 2020 |archive-date=20 October 2020 |archive-url=https://web.archive.org/web/20201020194603/https://www.nytimes.com/video/multimedia/100000003651403/whats-wrong-with-deutsche-banks-plan.html |url-status=live }}</ref><ref name="still stuck">{{Cite news |url=https://www.ft.com/content/1a062bf0-0d16-11e5-b850-00144feabdc0 |title=Deutsche Bank is still stuck in the middle of global finance |first=John |last=Gapper |work=Financial Times |date=7 June 2015 |access-date=20 October 2020 |archive-date=21 October 2020 |archive-url=https://web.archive.org/web/20201021064002/https://www.ft.com/content/1a062bf0-0d16-11e5-b850-00144feabdc0 |url-status=live }}</ref><ref name="revolt"/> and at the bank's annual meeting in May 2015 only 61% of shareholders voted in favor of the two co-CEOs' plan.<ref>{{Cite news |url=https://www.wsj.com/articles/deutsche-bank-appeals-for-patience-1432202007 |title=Deutsche Bank's Top Brass Pressured by Shareholders |first=Eyk |last=Henning |work=The Wall Street Journal |date=21 May 2015 |access-date=20 October 2020 |archive-date=23 October 2020 |archive-url=https://web.archive.org/web/20201023083338/https://www.wsj.com/articles/deutsche-bank-appeals-for-patience-1432202007 |url-status=live }}</ref><ref name="still stuck"/><ref name="Painful Lessons"/><ref name="revolt"/><ref name="puts paid"/>
Seeing this as a loss of shareholder confidence,<ref name="limbo">{{Cite news |url=https://www.reuters.com/article/uk-deutschebank-ceo-jain-idUSKBN0ON0U520150607 |title=Jain puts Deutsche Bank on world stage but leaves it in limbo |first=Thomas |last=Atkins |work=Reuters |date=7 June 2015 |access-date=21 October 2020 |archive-date=21 October 2020 |archive-url=https://web.archive.org/web/20201021071622/https://www.reuters.com/article/uk-deutschebank-ceo-jain-idUSKBN0ON0U520150607 |url-status=live }}</ref><ref name="Second Chance"/> and facing criticism from employees over job cuts and closures in the restructuring plan,<ref name="Fitschen Resign">{{Cite news |url=https://www.wsj.com/articles/deutsche-bank-co-ceos-to-announce-resignations-1433674815 |title=Deutsche Bank Co-CEOs Jain and Fitschen Resign |first1=Eyk |last1=Henning |first2=David |last2=Enrich |first3=Jenny |last3=Strasburg |work=The Wall Street Journal |date=7 June 2015 |access-date=31 July 2020 |archive-date=2 July 2020 |archive-url=https://web.archive.org/web/20200702230121/https://www.wsj.com/articles/deutsche-bank-co-ceos-to-announce-resignations-1433674815 |url-status=live }}</ref> 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,<ref name="Quartz India"/><ref name="after struggle"/> Jain and Fitschen announced their resignation on 7 June 2015.<ref name="limbo"/><ref name="Fitschen Resign"/><ref name="clean-up job"/><ref name="work for free">{{Cite news |url=https://www.reuters.com/article/deutsche-bank-ceo-idUSL5N0Z004X20150614 |title=Departing Deutsche Bank co-CEO Jain to work for free – media |work=Reuters |date=13 June 2015 |access-date=21 October 2020 |archive-date=21 October 2020 |archive-url=https://web.archive.org/web/20201021045337/https://www.reuters.com/article/deutsche-bank-ceo-idUSL5N0Z004X20150614 |url-status=live }}</ref> Fitschen stayed on as transition co-CEO with newly appointed CEO John Cryan through 19 May 2016.<ref name="record fine">{{Cite news |url=https://www.hindustantimes.com/business/jain-steps-down-as-deutsche-bank-co-ceo-after-record-fine-on-lender/story-uIyokFBL3jPy7PFYSChg0J.html |title=Jain steps down as Deutsche Bank co-CEO after record fine on lender |first=Prasun |last=Sonwalkar |work=Hindustan Times |date=8 June 2015 |access-date=21 October 2020 |archive-date=26 October 2020 |archive-url=https://web.archive.org/web/20201026031623/https://www.hindustantimes.com/business/jain-steps-down-as-deutsche-bank-co-ceo-after-record-fine-on-lender/story-uIyokFBL3jPy7PFYSChg0J.html |url-status=live }}</ref>
===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.<ref>{{Cite news |url=https://www.dw.com/en/new-window-of-opportunity-for-anshu-jain/a-19081547 |title=New window of opportunity for Anshu Jain |first=Hardy |last=Graupner |work=Deutsche Welle |date=29 February 2016 |access-date=23 October 2020 |archive-date=26 May 2021 |archive-url=https://web.archive.org/web/20210526115933/https://www.dw.com/en/new-window-of-opportunity-for-anshu-jain/a-19081547 |url-status=live }}</ref><ref>{{Cite news |url=https://www.ft.com/content/01ddb7e2-dce5-11e5-827d-4dfbe0213e07 |title=Anshu Jain to join online lender SoFi |first=Ben |last=McLannahan |work=Financial Times |date=28 February 2016 |access-date=23 October 2020 |archive-date=26 October 2020 |archive-url=https://web.archive.org/web/20201026211858/https://www.ft.com/content/01ddb7e2-dce5-11e5-827d-4dfbe0213e07 |url-status=live }}</ref><ref>{{Cite news |url=https://www.finews.asia/people/21964-fintech-people-john-mack-anshu-jain-vikram-pandit-sofi |title=Ex-Deutsche CEO Anshu Jain Lured into Fintech |work=Finews |date=1 March 2016 |access-date=23 October 2020 |archive-date=14 June 2018 |archive-url=https://web.archive.org/web/20180614005815/https://www.finews.asia/people/21964-fintech-people-john-mack-anshu-jain-vikram-pandit-sofi |url-status=live }}</ref>
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.<ref>{{Cite news |url=https://www.telegraph.co.uk/business/2017/01/03/former-deutsche-bank-boss-anshu-jain-takes-new-role-cantor-fitzgerald/ |title=Former Deutsche Bank boss Anshu Jain takes up new role at Cantor Fitzgerald |first=Marion |last=Dakers |work=The Daily Telegraph |date=3 January 2017 |access-date=23 October 2020 |archive-date=12 November 2020 |archive-url=https://web.archive.org/web/20201112032825/http://www.telegraph.co.uk/business/2017/01/03/former-deutsche-bank-boss-anshu-jain-takes-new-role-cantor-fitzgerald/ |url-status=live }}</ref><ref name="Second Chance"/><ref>{{Cite news |url=https://www.ft.com/content/78c123a2-d114-11e6-9341-7393bb2e1b51 |title=Anshu Jain joins Cantor Fitzgerald as president amid growth push |first1=Ben |last1=McLannahan |first2=Laura |last2=Noonan |work=Financial Times |date=2 January 2017 |access-date=23 October 2020 |archive-date=28 October 2020 |archive-url=https://web.archive.org/web/20201028153154/https://www.ft.com/content/78c123a2-d114-11e6-9341-7393bb2e1b51 |url-status=live }}</ref> Jain also stepped down from his role at SoFi.<ref>{{Cite web |url=https://www.sofi.com/press/mike-bingle-steven-freiberg-robert-l-joss-ac-elected-sofis-board-directors/ |title=Mike Bingle, Steven Freiberg and Robert L. Joss AC Elected to SoFi's Board of Directors |publisher=SoFi.com |date=15 March 2017 |access-date=23 October 2020 |archive-date=24 October 2020 |archive-url=https://web.archive.org/web/20201024170410/https://www.sofi.com/press/mike-bingle-steven-freiberg-robert-l-joss-ac-elected-sofis-board-directors/ |url-status=live }}</ref> He was hired at Cantor Fitzgerald to help expand fixed-income and equities trading as well as prime brokerage,<ref name="Restart"/><ref>{{Cite news |url=https://www.wsj.com/articles/anshu-jain-joins-cantor-fitzgerald-as-president-1483373348 |title=Anshu Jain Joins Cantor Fitzgerald as President |first=Jenny |last=Strasburg |work=The Wall Street Journal |date=2 January 2017 |access-date=9 November 2020 |archive-date=3 August 2021 |archive-url=https://web.archive.org/web/20210803053728/https://www.wsj.com/articles/anshu-jain-joins-cantor-fitzgerald-as-president-1483373348 |url-status=live }}</ref> and he worked alongside Lutnick and directed strategy, vision, and operational foundation across the firm's businesses.<ref>{{Cite web |url=https://www.cantor.com/our-company/leadership-team/ |title=About Us |publisher=Cantor Fitzgerald |access-date=23 October 2020 |archive-date=12 November 2020 |archive-url=https://web.archive.org/web/20201112022251/https://www.cantor.com/our-company/leadership-team/ |url-status=live }}</ref><ref name="Jain to Join"/>
Jain was on the advisory board of InCred, a non-banking financial company in India.<ref>{{Cite web |url=https://www.incred.com/team.html |title=Advisory Board |publisher=InCred |access-date=24 October 2020 |archive-date=27 October 2020 |archive-url=https://web.archive.org/web/20201027122238/https://www.incred.com/team.html |url-status=live }}</ref> He was on the finance group advisory board of the MIT Sloan School of Management.<ref>{{Cite web |url=https://mitsloan.mit.edu/faculty/academic-groups/finance/advisors |title=Advisory Board |publisher=MIT Sloan School of Management |access-date=24 October 2020 |archive-date=27 October 2020 |archive-url=https://web.archive.org/web/20201027093510/https://mitsloan.mit.edu/faculty/academic-groups/finance/advisors |url-status=live }}</ref> He was on the board of trustees of Chance to Shine, a British charitable foundation.<ref>{{Cite web |url=https://www.chancetoshine.org/Pages/FAQs/Category/trustees |title=Trustees |date=17 August 2018 |publisher=Chance to Shine |access-date=24 October 2020 |archive-date=20 October 2020 |archive-url=https://web.archive.org/web/20201020174853/https://www.chancetoshine.org/Pages/FAQs/Category/trustees |url-status=live }}</ref> He was a member of the advisory board of the Wildlife Conservation Trust, based in India.<ref>{{Cite web |url=https://www.wildlifeconservationtrust.org/about-us/advisory-board/ |title=Advisory Board |publisher=WildlifeConservationTrust.org |date=8 June 2018 |access-date=24 October 2020 |archive-date=27 October 2020 |archive-url=https://web.archive.org/web/20201027130559/https://www.wildlifeconservationtrust.org/about-us/advisory-board/ |url-status=live }}</ref> 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.<ref>{{Cite news |url=https://www.ft.com/content/55af92de-2cd9-11e6-bf8d-26294ad519fc |title=The Fintech Awards judging panel |work=Financial Times |date=19 June 2016 |access-date=24 October 2020 |archive-date=27 October 2020 |archive-url=https://web.archive.org/web/20201027011858/https://www.ft.com/content/55af92de-2cd9-11e6-bf8d-26294ad519fc |url-status=live }}</ref><ref>{{Cite web |url=https://www.sec.gov/Archives/edgar/data/1728041/000161577418012902/s114087_s1.htm |title=Form S-1 |via=SEC.gov |publisher=CF Finance Acquisition Corp. |date=16 November 2018 |access-date=24 October 2020 |archive-date=26 October 2020 |archive-url=https://web.archive.org/web/20201026235322/https://www.sec.gov/Archives/edgar/data/1728041/000161577418012902/s114087_s1.htm |url-status=live }}</ref>
==Awards== In 2003 Jain received ''Euromoney'' magazine's Capital Markets Achievement Award.<ref>{{Cite news |url=https://www.euromoney.com/article/b1320qxprl9k4l/anshu-jain-capital-markets-achievement-award-2003 |title=Anshu Jain: Capital markets achievement award 2003 |first=Peter |last=Lee |work=Euromoney |date=30 June 2003 |access-date=13 March 2019 |archive-date=14 August 2022 |archive-url=https://web.archive.org/web/20220814025200/https://www.euromoney.com/article/b1320qxprl9k4l/anshu-jain-capital-markets-achievement-award-2003 |url-status=live }}</ref> In 2006 he was honoured by the American India Foundation for his philanthropy and leadership.<ref>{{Cite news |url=https://www.financialexpress.com/archive/aif-raises-2-million-for-development-projects-in-india/169203/ |title=AIF raises $2 million for development projects in India |work=The Financial Express |agency=Press Trust of India |date=20 May 2006 |access-date=26 October 2020 |archive-date=29 October 2020 |archive-url=https://web.archive.org/web/20201029141734/https://www.financialexpress.com/archive/aif-raises-2-million-for-development-projects-in-india/169203/ |url-status=live }}</ref> In 2010 he received ''Risk'' magazine's Lifetime Achievement Award,<ref>{{Cite news |url=https://www.risk.net/awards/1567756/lifetime-achievement-award-anshu-jain |title=Lifetime achievement award – Anshu Jain |work=Risk |date=7 January 2010 |access-date=26 October 2020 |archive-date=29 October 2020 |archive-url=https://web.archive.org/web/20201029174952/https://www.risk.net/awards/1567756/lifetime-achievement-award-anshu-jain |url-status=live }}</ref><ref>{{Cite journal |url=https://www.proquest.com/openview/9060793bd4eed32e237ef40c48335b3b/1.pdf |title=Lifetime achievement award: Anshu Jain |journal=Risk |volume=23 |issue=1 |pages=30–33 |date=January 2010 |access-date=13 August 2022 |archive-date=14 August 2022 |archive-url=https://web.archive.org/web/20220814025200/https://www.proquest.com/openview/9060793bd4eed32e237ef40c48335b3b/1.pdf |url-status=live }}</ref> as well as the annual Business Leader Award from NASSCOM.<ref>{{Cite news |url=https://www.varindia.com/news/nasscom-announces-the-sixth-annual-global-leadership-awards |title=NASSCOM announces the Sixth Annual 'Global Leadership Awards' |work=VARIndia |date=19 February 2010 |access-date=26 October 2020 |archive-date=29 October 2020 |archive-url=https://web.archive.org/web/20201029182622/https://www.varindia.com/news/nasscom-announces-the-sixth-annual-global-leadership-awards |url-status=live }}</ref> In 2012 he was named Global Indian of the Year by ''The Economic Times'' at the Economic Times Awards.<ref>{{Cite news |url=https://economictimes.indiatimes.com/news/company/corporate-trends/et-awards-2012-anshu-jain-bags-the-global-indian-of-the-year-title/articleshow/16457933.cms |title=ET Awards 2012: Anshu Jain bags the Global Indian of the Year title |work=The Economic Times |date=23 October 2012 |access-date=26 October 2020 |archive-date=14 August 2022 |archive-url=https://web.archive.org/web/20220814073435/https://economictimes.indiatimes.com/news/company/corporate-trends/et-awards-2012-anshu-jain-bags-the-global-indian-of-the-year-title/articleshow/16457933.cms |url-status=live }}</ref> In 2014, he was awarded an Honorary Fellowship from London Business School,<ref>{{Cite web |url=https://www.london.edu/news/excellence-recognised-as-london-business-school-awards-honorary-degrees-and-fellowships |title=Excellence recognised as London Business School |website=London Business School |date=14 July 2014 |access-date=27 October 2020 |archive-date=30 October 2020 |archive-url=https://web.archive.org/web/20201030202348/https://www.london.edu/news/excellence-recognised-as-london-business-school-awards-honorary-degrees-and-fellowships |url-status=live }}</ref> and an Honorary Doctorate by TERI University in New Delhi.<ref>{{Cite press release |url=https://www.newswire.com/teri-university-confers-honorary/260769 |title=Teri University Confers Honorary Degrees on Eminent Luminaries |website=Newswire |date=6 February 2014 |access-date=27 October 2020 |archive-date=19 August 2022 |archive-url=https://web.archive.org/web/20220819112517/https://www.newswire.com/news/teri-university-confers-honorary-degrees-on-eminent-luminaries-210580 |url-status=live }}</ref>
==Personal life== Jain was married to Geetika, a travel writer and children's book author.<ref name="Mixes" /><ref name="pressreaderHT">{{Cite news |last=Sonwalkar |first=Prasun |date=8 June 2015 |title=Anshu Jain steps down as Deutsche Bank co-CEO after record fine on lender |work=Hindustan Times |via=PressReader |url=https://www.pressreader.com/india/hindustan-times-delhi/20150608/282123520126288 |access-date=25 October 2020 |archive-date=28 October 2020 |archive-url=https://web.archive.org/web/20201028211200/https://www.pressreader.com/india/hindustan-times-delhi/20150608/282123520126288 |url-status=live }}</ref> The couple lived in London and also had a residence in New York City.<ref name="Restart" /><ref name="Anshu NY" /> The couple have two children.<ref name="Next CEO?" /> Jain's interests included cricket, golf, wildlife photography, and wildlife conservation.<ref name="pressreaderHT" /><ref>{{Cite news |url=https://www.wsj.com/articles/BL-DLB-3848 |title=Bowling for Deals: Deutsch Bank's Jain Buys Part of Indian Cricket Team |first=Vivek |last=Ahuja |work=The Wall Street Journal |agency=Financial News |date=18 November 2008 |access-date=26 October 2020 |archive-date=29 October 2020 |archive-url=https://web.archive.org/web/20201029045235/https://www.wsj.com/articles/BL-DLB-3848 |url-status=live }}</ref><ref>{{Cite web |url=https://www.infosys.com/wef/2020/anshu-jain.html |title=Infosys at WEF 2020: Anshu Jain |website=Infosys |access-date=26 October 2020 |archive-date=29 October 2020 |archive-url=https://web.archive.org/web/20201029014541/https://www.infosys.com/wef/2020/anshu-jain.html |url-status=live }}</ref><ref>{{Cite news |url=https://www.newsindiatimes.com/anshu-jain-joins-cantor-fitzgerald-as-president/ |title=Anshu Jain Joins Cantor Fitzgerald As President |work=News India Times |date=6 January 2017 |access-date=26 October 2020 |archive-date=29 October 2020 |archive-url=https://web.archive.org/web/20201029021716/https://www.newsindiatimes.com/anshu-jain-joins-cantor-fitzgerald-as-president/ |url-status=live }}</ref>
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.<ref>{{Cite news |url=https://www.handelsblatt.com/unternehmen/management/anshu-und-ajit-die-jains-regieren-die-welt/6698448-all.html |title=Die Jains regieren die Welt |first=Nils |last=Rüdel |work=Handelsblatt |date=1 June 2012 |access-date=25 October 2020 |archive-date=5 April 2016 |archive-url=https://web.archive.org/web/20160405145122/http://www.handelsblatt.com/unternehmen/management/anshu-und-ajit-die-jains-regieren-die-welt/6698448-all.html |url-status=live }}</ref>
Jain died from duodenal cancer in London on 12 August 2022, at the age of 59.<ref name="Financial Times 2022">{{Cite web |date=13 August 2022 |title=Former-Deutsche Bank CEO Anshu Jain dies, aged 59 |url=https://www.ft.com/content/9cdf16a0-6681-4186-a73d-12275ac4c066 |archive-url=https://web.archive.org/web/20220813133209/https://www.ft.com/content/9cdf16a0-6681-4186-a73d-12275ac4c066 |archive-date=13 August 2022 |access-date=13 August 2022 |website=Financial Times |url-status=live }}</ref><ref>{{Cite web |title=Anshu Jain, ace banker and Deutsche Bank's ex-CEO, dies at 59 |url=https://www.moneycontrol.com/news/business/former-deutsche-bank-ceo-anshu-jain-dies-9023641.html |access-date=13 August 2022 |website=Moneycontrol |date=13 August 2022 |language=en |archive-date=13 August 2022 |archive-url=https://web.archive.org/web/20220813131640/https://www.moneycontrol.com/news/business/former-deutsche-bank-ceo-anshu-jain-dies-9023641.html |url-status=live }}</ref><ref>{{cite news|url = https://www.nytimes.com/2022/08/17/business/dealbook/anshu-jain-dead.html|title = Anshu Jain, 59, Dies; Turned Deutsche Bank Into a Financial Titan|newspaper = The New York Times|date = 18 August 2022|accessdate = 18 August 2022|last = Flitter|first = Emily|page = B9|url-access = limited|archive-date = 17 August 2022|archive-url = https://web.archive.org/web/20220817233857/https://www.nytimes.com/2022/08/17/business/dealbook/anshu-jain-dead.html|url-status = live}}</ref>
==See also== * Indians in the New York City metropolitan region
==References== {{Reflist}}
==External links== {{Commons category|Anshu Jain}} * [https://cantorprd.wpengine.com/our-company/leadership-team/ Official bio] at Cantor Fitzgerald
{{Chief executives of Deutsche Bank}}
{{Authority control}}
{{DEFAULTSORT:Jain, Anshu}} Category:1963 births Category:2022 deaths Category:20th-century British businesspeople Category:20th-century Indian businesspeople Category:21st-century British businesspeople Category:21st-century Indian businesspeople Category:British bankers Category:British chief executives of financial services companies Category:British financial analysts Category:British hedge fund managers Category:British investment bankers Category:British Jains Category:Businesspeople from Jaipur Category:Businesspeople from Rajasthan Category:Cantor Fitzgerald people Category:Deaths from cancer in England Category:Deaths from stomach cancer in England Category:Delhi Public School alumni Category:Delhi University alumni Category:Deutsche Bank people Category:Indian bankers Category:Indian businesspeople in finance Category:Indian chief executives Category:Indian conservationists Category:Indian emigrants to England Category:Indian expatriates in Afghanistan Category:Indian expatriates in the United States Category:Indian financial analysts Category:Indian investment bankers Category:Indian Jains Category:Isenberg School of Management alumni Category:Merrill (company) people Category:People from Jaipur Category:Rajasthani people Category:Shri Ram College of Commerce alumni Category:University of Massachusetts Amherst alumni Category:British chairpersons of corporations Category:Indian chairpersons of corporations