Deutsche Bank has lost an inner voice

Anshu Jain's resignation may have answered the concerns of Deutsche Bank's shareholder's but it has raised more questions about the profit-hungry, bonus-obsessed and mindless capitalism that underwrites the global financial system led by banking majors. Last heard, skipping a pay packet of 7 million Euros, leave aside the severance package was not something one expects of a global CEO. One only reads of a bitter end whenever an episode of shareholder led resignation ensures the departing boss walks away with a hefty packet.

So has Anshu Jain's resignation tickled the conscience of an industry known to be full of deal-driven, plane-hopping, high-suite occupants? Has he surprised them by perhaps injecting a tinge of unlikely socialism to the space? Has Deutsche Bank given up the fine balance it managed by appointing the first non-European co-CEO too easily?

I raise these questions primarily because I have followed Anshu Jain's professional career ever since he granted me his first-ever TV interview to an Indian network several years ago. At that time Deutsche had escaped the crisis that engulfed others during the subprime era and Jain was central to that rescue. He was always the rising star and a threat much to the envy of his then CEO Josef Ackermann, who later became a central figure in the controversy surrounding Jain's appointment as co-CEO. That position – though deserving – has always been uncomfortable.

Many experts have lauded Jain's contribution to Deutsche Bank, his style he brought to banking and his passion for cricket. But the answers to the questions I have raised lie elsewhere.

First, what has Deutsche Bank lost?

Purely going by Jain's upbringing and professional track record they have surely lost an inner voice which kept them grounded to the cause they were born. Banking is and always will remain an intermediary in a global economy; it is not the end but a means to an end. Jain was raised in India during socialist era and did not witness the massive wealth he may have created for others and himself later in his life. That brings a sense of maturity, balance and soul to the job. Few western bankers posses that today, and partly that is a reason why global banking remains bereft of credibility and conscience according to many.

Second, what does his act of giving up 7 million euros prove?

To me it is a clear case of taking moral responsibility of what his ultimate stakeholders expected of him. Yes as a private company the first accountability test lies at the doorstep of your owners and shareholders have every right to dictate terms of who leads their capital. Asking the two co-CEOs whether they were a solution or the problem is an absolute legitimate question. But no one put a gun to Jain's head to give up his dues.

Helping his successor for the next for six months is an act which redefines how capitalism needs to emulate more of such stories. I am sure as a professional Anshu Jain doesn't lack any amount of money needed for a very comfortable life but it is the symbolic message this should send out to those at the top. Giving up leads to more gains when you are at the top is an important lesson for all.

Lastly, except for Anshu Jain probably no one know what he will do next, so it's all speculation on what he could do?

If I were to just extrapolate his role in the larger context of his gestures in the last few weeks I would strongly hope the global banking system adopts him as the cheerleader of what financial institutions should look like a decade from now. Yes profits but also something beyond. His experience and performance could be a much needed moral compass financial institutions are missing despite having overcome a crisis in the last few years. Could he play a role in redefining banking regulation? Why not, best to adopt someone from the inside.

Could developing economies or even BRIC nations put him in a place which helps them navigate the next two decades as they become centres of growth and prosperity? Could Prime Minister Modi put him in a place to guide India as it gets rid of the overhang of low growth of the last decade? Apart from his passport (which is British) it could but then one could argue Jain is better making difference to a larger cause than just his country of birth.