Anshu Jain, the former co-chief executive of Germany's largest bank, Deutsche Bank, has now joined Cantor Fitzgerald, a private Wall Street firm.
Anshu Jain, the former co-chief executive of Germany’s largest bank, Deutsche Bank, has now joined Cantor Fitzgerald, a private Wall Street firm. After a series of regulatory and legal issues, Jain has now moved to mainstream financial services. According to the statement released, Jain will bring decades of work experience in financial services industry and will join Cantor CEO & Chairman Howard Lutnick. Cantor Fitzgerald was formed in 1945 as an investment bank and brokerage business. Lutnick had announced that Jain will take up the new role where he will oversee the company strategy. He will also need to make a push into prime brokerage and fixed-income sales and trading, The Financial Times reported. The need for such is mainly because of the growing number of stricter regulations in Europe.
53-year-old Jain has been a popular person in the investment-banking industry, especially during his long stint at Merrill Lynch and Deutsche. Focusing on markets businesses, Jain witnessed a rapid growth in Deutsche Bank. But the illustrious career was ended when he had to leave in 2015. This was a result of heavy criticism for the inability of controlling costs. Both the CEOs were removed by the bank and John Cryan was put in their place, even though there wan an attempt for revamping. Cryan then cut costs in a lot of places to restore investor faith.
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Jain came to Deutsche Bank, 21 years ago, in 1995 and went on to head a corporate and investment banking division which have the company most profits. He replaces Josef Ackerman in 2012 and became the co-CEO of the company. But later things did not go well for Jain and co-CEO Juergen Fitschen. After this, Jain had been keeping a low profile, and worked at SoFi in San Francisco, a firm which mainly works towards refinancing student loans.