Anshu Jain has joined the elite group of Indians who have reached the top of large multinational corporations amidst uncertain and challenging times. On Monday,
Deutsche Bank named Anshuman Jain as its co-chairman along with German banker Juergen Fitschen to lead the bank to the next level of growth.
Jain (48), the bank's investment banking head is the first Indian born professional to achieve such a high post in the German Bank that has global presence.
Anshu Jain
The announcement also ended a long drawn succession battle at the bank as many in Germany were averse to make an outsider the head of the bank. Jain will shoulder the responsibility along with Fitschen (62), who has been with the bank for nearly a quarter century. The two will take over in May 2012 from Dr Josef Ackermann, the present chairman.
Despite steep opposition, Jain managed to bag this coveted post because of the spectacular performance of his investment banking division that has been contributing more than 80 per cent to the group's profits. Jain constantly outperformed despite adverse market conditions and has been with the bank since 1995.
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Hottest young executives to watch out for A product of Delhi's Shri Ram College of Commerce where he studied economics, Jain holds an MBA in finance from the University of Massachusetts Amherst. He was born in Jaipur, Rajasthan and, currently, stays in London along with his family. After university, he joined as an analyst in derivatives research at Kidder, Peabody & Co and then he joined Merrill Lynch in New York from where he moved to Deutsche Bank.
An avid wildlife photographer and someone who takes a keen interest on environmental issues, Jain, a father of two, maintains a very low profile but is highly effective at work. Jain could eventually become the sole chief of the bank as his contract has been extended by five years until March 31 2017, while Fitschen will retire in 2015.
An exceptional performer, he was Deutsche Bank's highest paid board member surpassing Ackermann. In 2010, Jain earned 12 million ($17.2 million) against Ackermann's 8.99 million. Jain took the helm of his division after his mentor Edson Mitchell died in a plane crash in December 2000. Gradually, he strengthened his base in the bank, where he had a loyal group of staff who were out to achieve any target and excel under difficult circumstances.
In his spare time, he captains Deutsche Bank's cricket team. He also recently acquired a stake in the Mumbai Indians team from the Reliance group of Mukesh Ambani.
Jain has also played a major role as a link between business and politics. He served as a member of the Indian Prime Minister's working group on inward investment and as a member of Deutsche Bank's team advising the British treasury on financial stability.
"I am humbled and honoured at having been asked to lead this great institution together with Juergen," Jain commented after being named co-chairman.
Courtesy: Mail Today
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