Anshu Jain

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Jain during the 2013 WEF

Anshuman "Anshu" Jain ( Hindi अंशुमान जैन Anśumāna Jaina ; born January 7, 1963 in Jaipur , state of Rajasthan , India ) is a British bank manager of Indian origin and was from June 1, 2012 to June 30, 2015 together with Jürgen Fitschen Co- Chairman of the Board of Management of Deutsche Bank and the Group Executive Committee .

Origin and school education (1963–1980)

Anshu Jain was born in Jaipur in 1963, the elder of two sons of the civil servant Ambuj Jain and his wife Shashi . He grew up with his brother in a conservative middle class family in Nizamuddin-West, a district in the south of New Delhi . He is the younger cousin of Ajit Jain , born in 1951 , who at the time of Jain's appointment to the board of directors of Deutsche Bank was considered one of the possible successors of the US financial investor Warren Buffett at its holding company Berkshire Hathaway .

Because Anshu Jain's father was transferred to Afghanistan from 1975 to 1977, he attended an Indian private school in Kabul . At the Delhi Public School Mathura Road, a private school in New Delhi, he completed the Higher Secondary Exam (Abitur in India) in 1980.

Studies (1980 to 1985)

Anshu Jain studied at public universities in India and the USA . In 1983, he completed his Bachelor -Studies of Economics at Shri Ram College of Commerce of the University of Delhi from India. In 1985 he obtained an MBA in finance from the Isenberg School of Management at the University of Massachusetts in Amherst / USA.

Investment banker in Boston and New York (1985 to 1995)

After completing his MBA in 1985, he joined the then investment bank Kidder, Peabody & Co. in Boston (now part of UBS ) as an analyst . In 1988 he moved to Merrill Lynch (now part of Bank of America Corporation) in New York , where he set up the industry's first department for special hedge fund management and headed it as Managing Director.

Deutsche Bank in London (1995 to 2012)

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In 1995 Anshu Jain left Merrill Lynch with his mentor Edson Mitchell and went to Deutsche Bank in London . Within five years in which Jain held a leading position in investment banking at Deutsche Bank in London, his department is said to have earned 16 billion euros net with him, after deducting all bonuses. According to WirtschaftsWoche, roughly 50% of Deutsche Bank's total profit in 2005 can be attributed to the Jains department. Due to these successes and the corresponding bonuses, Anshu Jain has regularly topped the internal payroll of Deutsche Bank in recent years and was reportedly the best-paid employee of a German stock corporation at that time. He was voted number 2 on its list of “100 Most Influential People” by eFinancialNews magazine .

Jain's area of ​​responsibility in London also included those areas of Deutsche Bank that, through participation in so-called carousel deals, came into the focus of criminal investigations into serious tax evasion, money laundering and attempted criminal evasion. In the course of this investigation, Deutsche Bank's premises in Frankfurt were searched in 2012. Former Jain employees were arrested on charges of evading hundreds of millions of euros in sales tax.

The Libor scandal, in which Deutsche Bank manipulated a key interest rate in favor of the latter, also fell under Jain's area of ​​responsibility in the London years.

Deutsche Bank had to set aside billions to cover the fines and losses of Jain's businesses.

Co-CEO of Deutsche Bank (2012-2015)

Anshu Jain has been a member of the Board of Management of Deutsche Bank since 2009. In July 2011, Deutsche Bank announced that Anshu Jain would take over the chairmanship of the Board of Management together with Jürgen Fitschen on June 1, 2012 and thus one of Josef Ackermann's two successors . As co-chairman of the board, Jain was responsible for corporate finance, sales and trading and global transaction banking.

In the more than 140-year history of Deutsche Bank, Jain was the second foreign CEO or co-CEO of Deutsche Bank after the Swiss Josef Ackermann. In 2012, like Jürgen Fitschen , he received a salary of 4.8 million euros (gross).

At the Annual General Meeting on May 21, 2015, only 61% of the shareholders present expressed their trust; In such cases, approval rates of 95% and more are common. This poor result heralded its replacement. On June 7, 2015, Deutsche Bank announced that Jain and Fitschen would prematurely terminate their contracts, which run until March 31, 2017. While Fitschen, at the request of the Supervisory Board, continued to exercise his mandate until the end of the next Annual General Meeting on May 19, 2016, Jain left on June 30, 2015.

accusations

As a result of the global subprime crisis triggered in the USA, allegations against Jain were also loud in April 2008. The previously most successful division (Corporate Banking & Securities) of Deutsche Bank AG, under Jain's leadership, posted a pre-tax loss of 1.6 billion euros in the first quarter of 2008 after write-offs of billions on loans to finance company takeovers and dramatically collapsed revenues. In the same period of the previous year, the department had generated a profit of 2.2 billion euros. In a television report broadcast by WDR in May 2012 , Jain is also held responsible for fraud in securitizing risky mortgages. In the case of foreclosures by the Deutsche Bank subsidiary Deutsche Bank National Trust , 1.4 million families in the USA were evicted from their homes, including with the help of forged documents and signatures (robo-signing) researched by CBS . The mortgage business for which Jain was responsible brought Deutsche Bank billions of euros. The former head of the Westdeutsche Landesbank , Ludwig Poullain , accused Deutsche Bank in a report in 2012 of having abused its power for business purposes and thus caused economic damage. Cities - including Hagen and Pforzheim , Würzburg , Neuss and Milan -, municipalities and European regions lost to high-risk betting transactions in which Deutsche Bank - and other companies, including JPMorgan Chase & Co. - earned high commissions and were based on incorrect interest rate forecasts - including Tuscany - millions of euros, which partially ruined the affected communities.

According to the final report of the Federal Financial Supervisory Authority (BaFin) on the manipulation of the Libor interest rate (→ Libor scandal ), Jain, head of Deutsche Bank's investment banking department at the time in question, had "serious negligence" in this regard. In the course of the relevant investigations into the manipulation of important interest rates, for example, he deliberately provided inaccurate information to the Bundesbank . In connection with the Libor affair, the bank fired twelve traders and transferred nine more. The official investigations lasted several years.

Further results were announced in April 2015. In the detailed statement, the German supervisory authority comes to the conclusion that Jain had to know that interest rates were manipulated in his area and that a functioning risk management system was deliberately not established.

Private

Anshu Jain has been married to his wife Geetika, a Sikh , for over 25 years. The couple has two children and lives in the Royal Borough of Kensington and Chelsea in western London and has other residences in Frankfurt and New York.

Jain is an income millionaire and a wealth millionaire . His private wealth is estimated at around 60 million euros.

He is fluent in English , Hindi and a little German . In his private life he enjoys playing golf and cricket , which is why he wrote a magazine article on the occasion of the 2011 Cricket World Cup . Anshu Jain is a UK citizen.

literature

Web links

Commons : Anshu Jain  - collection of images, videos and audio files

Individual evidence

  1. ↑ http://www.br.de/radio/bayern-plus/deutsche-bank-ackermann100~_csn-d338df27-476e-4cba-bcaf-35721538d1d0_-837eac426c70e2777b1760225b2a0ebc01dd8507.html (link not available)
  2. ↑ The Crown Prince climbs to the top. Handelsblatt , July 25, 2011, accessed on June 6, 2012 .
  3. ↑ Ackermann successor: Anshu Jain - Wider die Deutschtümelei ( Memento from June 2, 2012 in the Internet Archive ) at ftd.de, May 31, 2012 (accessed on June 1, 2012).
  4. ↑ Jain and Fitschen throw in: Former UBS board member John Cryan becomes Deutsche Bank boss. In: faz.net. June 7, 2015, accessed January 21, 2016 .
  5. ↑ Handelsblatt, June 1, 2012: The Jains rule the world
  6. ↑ Berkshire Hathway Shareholder Letter for 2014 (PDF) Retrieved April 14, 2015: "his successors would not be 'of only moderate ability." For instance, Ajit Jain and Greg Abel are proven performers "
  7. ↑ Christian Teevs, Stefan Kaiser, DER SPIEGEL: How Deutsche Bank is involved in tax fraud - DER SPIEGEL - Economy. Retrieved January 10, 2020 .
  8. ↑ The dark side of Deutsche Bank . spiegel.de. December 12, 2012. Accessed January 14, 2020.
  9. ↑ Penalties - The Defeats of Deutsche Bank . zdf.de. November 29, 2018. Retrieved January 14, 2020.
  10. ↑ The perfect staging by Anshu Jain Handelsblatt Online, June 13, 2012
  11. ↑ Two new bosses for Deutsche Bank , Neue Zürcher Zeitung (accessed on July 26, 2011)
  12. ↑ sueddeutsche.de March 24, 2013: Jain waives two million euros
  13. ^ Annual General Meeting of Deutsche Bank - Memorandum for Jain and Fitschen ( Memento from May 23, 2015 in the Internet Archive )
  14. ↑ www.deutsche-bank.de: Deutsche Bank appoints John Cryan to succeed Jürgen Fitschen and Anshu Jain
  15. ↑ Lutz Reiche: "Vision" burst manager magazin online, August 25, 2012
  16. ↑ a b c ARD, WDR, May 21, 2012: Gambled away - and sued: The good business of Deutsche Bank ( Memento from June 15, 2012 in the Internet Archive ), television report
  17. ↑ Ethecon Foundation Ethics & Economics, 2013: Dossier: Black Planet Award 2013
  18. ^ Deutsche Bank. Violent allegations against still boss Jain. In: Süddeutsche Zeitung. June 12, 2015, accessed March 10, 2018 .
  19. ^ Libor scandal. New allegations against Deutsche Bank boss Jain. In: world. June 28, 2015, accessed March 10, 2018 .
  20. ↑ Harald Freiberger: Libor scandal: Deutsche Bank is beaten by the supervisory authority. In: sueddeutsche.de. April 23, 2015, accessed March 10, 2018 .
  21. ↑ DocumentCloud Document Viewer. Retrieved January 10, 2020 .
  22. ↑ Self-portrait by G. Jain ( Memento from May 23, 2015 in the Internet Archive )
  23. ↑ Kim Velsey: Deutsche Bank Boss Anshu Jain Invests In $ 7.2 M. Beacon Court Spread. Observer Media, May 11, 2012, accessed June 3, 2015 .
  24. ↑ Reshmanth: These CEOs of Indian Origin Will Make You Feel Proud. . SouthReport.com. June 4, 2015. Retrieved February 28, 2016.
  25. ↑ Georg Meck: Anshu Jain, the banker who remodeled "The Deutsche" . In: Frankfurter Allgemeine Sonntagszeitung . No. 40 , October 7, 2012, p. 28-29 .
  26. ^ "Cricket, Lovely Cricket", Newsweek Magazine of February 13, 2011 ( Memento of July 5, 2012 in the Internet Archive )
  27. ↑ Entry "Jain, Anshu" in Munzinger Online / Personen - Internationales Biographisches Archiv, URL: http://www.munzinger.de/document/00000025630 (accessed on April 11, 2015)
personal data
SURNAME Jain, Anshu
ALTERNATIVE NAMES Jain, Anshuman
BRIEF DESCRIPTION Indian bank manager
DATE OF BIRTH 7th January 1963
PLACE OF BIRTH Jaipur , Rajasthan