Indian origin Anshu Jain on Thursday took over as the head of the corporate and investment banking division of the Deutsche Bank, Germany’s largest bank.
Until now, Jaipur-born Jain, shared this post with Michael Cohrs at the London headquarters of the Deutsche Bank’s corporate and investment banking division.
47-year-old Jain was also the head of the Deutsche Bank’s global markets division. The decision to appoint Jain as the sole head of the division was taken by the Deutsche Bank’s supervisory board in Frankfurt on June 15.
Jain will continue to manage the bank’s global banking operations from London, where it employs over 7,000 people, Deutsche Bank sources said.
He has also assumed responsibilities as head of global banking from Cohrs, who will be retiring at the end of September.
Born in Jaipur in 1963, Jain took his Bachelor’s degree in economics from the Delhi University and armed with an MBA from the University of Massachusetts, Amherst, he joined the Wall Street investment bank Kidder, Peabody & Co in 1985 as an analyst.
Three years later, he moved to Merrill Lynch and rose to the level of managing director.
In 1995, Jain left the US investment bank to join the Deutsche Bank.
Jain, who jointly managed the corporate and investment banking division together with Cohrs during the last six years, played a key role in building up the Deutsche Bank’s global investment banking business.
Jain’s elevation as the head of the most profitable division of the Deutsche Bank has significantly enhanced his chances to succeed its management board chairman Josef Ackermann, who retires in 2013. Jain joined the management board of the Deutsche Bank in January 2009.