Former Deutsche Bank co-CEO and Wall Street titan Anshu Jain passes away at 59

India-born global banker Anshu Jain passed away after an almost five-year battle with cancer. He was Deutsche Bank's former co-CEO and was pivotal in the development of the German bank. 

The bank released a statement on Saturday saying that it “mourns the death of its former Co-CEO Anshu Jain, who passed away in the early hours of Saturday at the age of 59 after a long, serious illness.”

Having been diagnosed with duodenal cancer in 2017, Jain breathed his last in London where he had been residing for the past few years. Jain outlived his initial cancer diagnosis by four years with the help of “a combination of exhaustive personal research, tactical skill, amazing caregivers, and sheer force of will.”

He had once described himself as an “Indian with a British passport who works for a German bank”. 

“We are deeply saddened that our beloved husband, son, and father, Anshu Jain, passed away overnight,” his family said in a statement.

Who was Anshu Jain?

Jain was born in Jaipur. He received his Bachelor's degree in Economics, with honours, from the Delhi University. He then pursued MBA in Finance from the University of Massachusetts Amherst.

Among the growing number of Indian-origin global executives, he became the Co-CEO of Deutsche Bank in 2012, 17 years after joining the bank in 1995. He continued in the role till 2015. 

He kicked of his Wall Street career with financial giant Merrill Lynch. 

He was appointed to Deutsche Bank's Management Board in 2009 and was responsible for the Corporate and Investment Bank division from 2010. From 2012 to 2015, he was Co-CEO.

He won various awards and recognitions including honorary doctorate from the TERI Technical University in New Delhi. He was named an Honorary Fellow by London Business School. He received the Lifetime Achievement Award from Risk magazine twice in 2010 and 2012. He was named Global Indian of the Year by leading Indian business news outlet in 2012 and was honoured by the Jewish Museum of New York in 2014.

Apart from his career, he also supported animal welfare projects in India and South Africa. Jain served as President of global financial services firm Cantor Fitzgerald after leaving Deutsche Bank in 2017. 

He had also worked with Kidder, Peabody & Co and served on the International Advisory Panel of the Monetary Authority of Singapore. Anshu Jain is survived by wife Geetika Jain and two children.

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(With inputs from PTI)