- August 14, 2022
- Posted by: Bastion team
- Category: World News
Aug 13 (Reuters) – Anshu Jain, a top finance executive best known for helping German lender Deutsche Bank AG (DBKGn.DE) take on the largest Wall Street firms, died overnight on Saturday after a five-year battle with cancer, his family said. He was 59.
Jain, who was born in India, spent two decades building Deutsche Bank into one of the world’s top universal banks. He was the first non-European to lead the German institution.
In the aftermath of the financial crisis of 2008 and the European debt crisis that followed, Jain pushed Deutsche to remain Europe’s “last man standing” as U.S. firms pulled ahead in global banking.
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The years of expansion into risky investment banking businesses came back to haunt the bank, as regulation made complex trades more costly. As co-chief executive he struggled to cut back the risk and to get a grip on a long list of scandals that led to billions of dollars in fines.
He resigned from the German lender in 2015, and had been the president of U.S. financial services firm Cantor Fitzgerald since 2017.
“He will be remembered for his leadership in financial services and his deep commitment to conservation,” said Larry Fink, chief executive of BlackRock Inc, who said he knew Jain well.
Born in the Indian city of Jaipur, Jain earned his bachelors at the University of Delhi before completing an MBA at the University of Massachusetts in Amherst.
A lifelong vegetarian, he loved wildlife…