Former Deutsche Bank co-CEO Anshu Jain dies at 59

Anshu Jain, an Indian-born funding banker who rose to the position of co-CEO at Deutsche Bank, died final evening after an extended battle with most cancers, his household introduced in a press release Saturday. He was 59 years previous.

Jain, who most not too long ago served because the president of Cantor Fitzgerald, earned an MBA at the University of Massachusetts-Amherst and labored at a number of monetary companies, together with Merrill Lynch, earlier than transferring to Deutsche Bank. He served as co-CEO from 2012 to 2015.

Jain stepped down from his position at Deutsche earlier than his contract ended after the financial institution was beset by a string of regulatory points.

His different positions included a task as an advisor at fintech firm SoFi from 2016 to 2017 and as a trustee of British charity Chance to Shine.

"He believed in hard work, meritocracy, operating outside of expectations or conventional boundaries, placing family first, standing by one's roots (having turned away many attempts to Westernize him in an industry that was often homogenous), in speaking 'at the margin' rather than delivering plain facts, in wit and wordplay, in being nonmaterialistic, and in the importance of having broad-bandwidth and being a 'scholar-athlete,'" his household mentioned in a press release.

"We are grateful to the many people who cared for Anshu throughout his life. For us, his legacy is tenacity, honour, and love," the assertion mentioned.

Howard Lutnick, the CEO of Cantor Fitzgerald, additionally launched a press release about Jain's passing.

"Anshu was the consummate professional who brought a wealth of experience and wisdom to his role as President. 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," Lutnick mentioned. "On behalf of all our partners and employees, we extend our deepest sympathies to Anshu's family and wish them peace and healing during this difficult time."

Correction: This article has been up to date to delete a reference to Ajit Jain, who will not be associated to Anshu Jain.

based mostly on web site supplies www.cnbc.com

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