In a surprise move, India-born Anshu Jain resigned as the co-CEO of Deutsche Bank on Sunday. Former UBS banker John Cryan will succeed Jain next month. Here are five things you should know about 52-year-old Jain who has ended his 20-year old association with Germany's biggest lender:
Born in Jaipur, he had a middle-class upbringing. Jain's father was a civil servant. Jain graduated with honors from Shri Ram College of Commerce, Delhi University, in 1983.
Jain is an avid cricket fan and bought a stake that he sold later in Mumbai Indians, the Ambanis' IPL team. He pursues wildlife photography as a hobby.
Jain spent most of his early years in London as an investment banker before he joined Deutsche Bank in 1995. He took care of the hedge funds and institutional derivatives in the bank's nascent markets. He is known as the best salary earner in the bank getting a salary package of 12 million euros (Rs 85.7 crore) in 2010.
A member of the bank's board since 2010 as the head of the Corporate and Investment Bank, Jain took over as the co-CEO of Deutsche Bank on June 1, 2012. As the head of the Corporate and Investment Bank he was responsible for Deutsche Bank's global trading, sales and finance. He was promoted to the top position of Deutsche Bank after the Corporate and Investment Bank contributed to 86 per cent of the bank's profits in 2010. In April 2010, the net revenue of Deutsche Bank in the first quarter stood at 9 billion euro, of which Corporate and Investment Bank contributed 6.6 billion euros. Deutsche Bank's shareholders were apprehensive of promoting Jain as the co-CEO, who had little knowledge of German, but he shocked everyone when he fluently spoke the language at its general meeting in May 2013.
Trouble started for Jain when the bank was accused of rigging the Libor, a benchmark rate for short-term loans at which some of the world's leading banks charge each other. The bank agreed to pay $2.5 billion to the regulators to settle the accusations. To cut costs, Jain closed down 200 branches of the bank and reduced headcount too. The move did not go down well with the shareholders and allegedly led him to resign on June 7, 2015. Jain will step down from his role on June 30 and will now be a consultant with the Deutsche Bank till January 2016 to enable a smooth transition.
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