Deutsche Bank names Anshu Jain co-chairman
Anshu Jain has long captained Deutsche Bank's cricket team in London, but from May 2012 the Indian will be skipper of the German banking powerhouse's entire operations.india Updated: Jul 26, 2011 08:35 IST
Anshu Jain has long captained Deutsche Bank's cricket team in London, but from May 2012 the Indian will be skipper of the German banking powerhouse's entire operations.
The 48-year-old investment banker, named co-chairman today in tandem with German veteran Juergen Fitschen, brings to the job a reputation of having both a golden touch and rigorous self-discipline.
Born in Jaipur in Rajasthan, Jain studied at Delhi University before moving to the United States and gaining an MBA in finance from the University of Massachusetts at Amherst.
Jain has enjoyed a meteoric career since first joining Merrill Lynch in New York, moving to Deutsche in London in 1995 and rising to be in charge of its investment banking unit.
The division is the Bank's main generator of profits, and Jain is generally credited with swiftly returning the unit to winning ways after the 2008-09 global financial crisis.
Since 2002 he has been on the bank's executive committee and in April 2009 chairman Josef Ackermann, whom Jain and Fitschen will be succeeding, brought him onto the seven-man management board.
Jain's mandate on the board has also been extended by five years, the bank said.
Already, Jain earns more than Ackermann, with a salary plus performance-related components of 7.6 million euros (USD 10.6 million) in 2010, compared to 6.3 million for his boss, according to Deutsche's annual report.
Detractors reproach him however for showing an overachiever's arrogance and for creating tensions between London's investment division and more traditional bankers back in Frankfurt.
First Published: Jul 26, 2011 02:00 IST