Former Deutsche Bank co-CEO Anshu Jain has died

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

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Aug 13 (Reuters) – Anshu Jain, a top finance executive best known for helping German lender Deutsche Bank AG (DBKGn.DE) take over Wall Street’s biggest companies, died on Saturday night after a five-year 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 leading universal banks. He was the first non-European to head the German institution.

After the 2008 financial crisis and the ensuing European debt crisis, Jain urged Germany to remain Europe’s “last man standing” while US firms advanced in global banking.

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Years of expanding into risky investment banking businesses came back to haunt the bank as regulation made complex trades more costly. As co-boss, he struggled to contain risk and manage a long list of scandals that resulted in billions of dollars in fines.

He resigned from Deutsche Bank in 2015 and has served as 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 BlackRock Inc. chief executive Larry Fink, who said he knows Jain well.

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

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

He joined Deutsche in 1995 to set up a department specializing in hedge funds and derivatives. He then headed bond trading and emerging markets and later surpassed his boss, then CEO Josef Ackermann, as head of the investment bank.

In 2009 he was appointed to the Management Board of Deutsche Bank and from 2010 he was responsible for corporate and investment banking. From 2012 to 2015 he was Co-CEO.

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

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

“Up until his last day, Anshu stood by his lifelong determination to ‘not be 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.

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