Anshu Jain, the Jaipur-born, 46-year-old head of global markets at Deutsche Bank, on Wednesday took another step towards the top position at the $20.35 billion German giant.
Anshu Jain, the Jaipur-born, 46-year-old head of global markets at Deutsche Bank, on Wednesday took another step towards the top position at the $20.35 billion German giant.
He has been appointed on the bank’s management board, taking him within striking distance of chief executive Josef Ackermann’s post.
Ackermann is scheduled to step down from the post in May 2010.
If Jain triumphs, he will be the second Indian after Citigroup’s Vikram Pandit to head a global bank.
Jain, whose parents live in New Delhi, joins the board along with Michael Cohrs, head of global banking, Jürgen Fitschen, global head of regional management, and Rainer Neske, head of private & business clients, Deutsche Bank said in a statement.
The new faces will double board strength to eight.
Though not much is known about Jain because of his aloofness from media, his rise at Deutsche has been rapid.
In 1995, he followed his mentor Edson Mitchell from Merrill Lynch in joining the fixed-income, currencies and derivatives business at Deutsche Bank. Jain started with selling fixed-income securities and was promoted twice — first in 1997 to run the entire sales group and then in mid-2000 to take charge of the derivatives and emerging-markets bond trading.
After Mitchell died in a plane crash in 2000, Jain took over as head of debt. In 2004, he was given the responsibility to also handle equity sales and trading.
Jain added muscle to bond market trading at Deutsche Bank, and the bank’s equity play has become profitable since he took charge.
Analysts’ calculations say that Jain contributed at least half of the bank’s profits.
Because he has been successful and is said to be a no-nonsense administrator, Jain has not made many friends among peers, say sources. Euromoney magazine, in an article on Jain in April 2006, described him as “ambitious and not the easiest persons to work for.” The article quoted bank insiders who described Jain’s style as “management by terror.”
Peers at Deutsche Bank in India refused to comment for this article.
But it has not been all work and no play for Jain either.
Said to be a cricket fanatic, Jain picked up a 15% stake in the
Mukesh Ambani-promoted Mumbai Indians team in his personal capacity in November 2008. Interestingly Deutsche Bank was also in the race to own a cricket team during the IPL auctions in 2008.
Jain also captains the Deutsche Bank cricket team in London, where he is based with a wife and two kids.
He studied economics at Shri Ram College in Delhi and did his Masters of Finance course at the University of Massachusetts.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}