Anshu Jain is a British Indian businessman who is best known for the role he played in the development of Deutsche Bank when he was the co-CEO from 2012 through 2015. Even after leaving the post, he remained a part of the governing committee as a member of the management board, and as a consultant until 2016. He has built an impressive career in the banking and finance industries. We wanted to learn more about him and what led to his remarkable success in the financial arena, so we looked into his career and his history. We made some interesting discoveries that paint a more complete picture of who he really is both personally and professionally. Here are 20 things you probably didn't know about Anshu Jain.
1. His Birthday
Mr. Jain was born on January 7, 1963, and his parents gave him the name Anshuman Jain. he was born in Jaipur, Rajasthan, India. This is where he grew up. He remained in the country of India where he received his primary and secondary education at some of the finest schools in India.
2. Anshu Jain has an impressive education
Mr. Jain enrolled in the economics program at Shri Ram College of Commerce, which is a school within the University of Delhi. He completed his coursework and graduated with his Bachelor of Arts degree in 1983. He was just 19 years of age when he completed his undergraduate education which was quite remarkable in itself. After completing this phase of his education, he continued forward and enrolled in the University of Massachusetts Amherst, where he earned his MBA in Finance.
3. Finance runs in the family
Anshu is not the only member of his family to become involved in the financial sector of business. He has a cousin named Ajit Jain, who is also well-known for his success in finance. Ajit serves as the Vice Chairman of Insurance Operations for the world-renowned Berkshire Hathaway. Both men have achieved a tremendous level of success in their professional lives.
4. His first jobs were prestigious
After graduation, Anshu went to work at Kidder, Peabody & Co., which is now UBS, as an analyst in derivatives. This was far above entry-level, which is where most new graduates start out. He joined the company in 1985 and stayed at the job for three years until accepting an opportunity to join the Merrill Lynch team in New York City. Anshu made a name for himself when he founded the very first hedge fund coverage group in the securities industry, and he also led the group. This was a milestone in his career as well as being a significant accomplishment within the securities arena.
5. He earned the highest pay at Deutsche Bank
Those who worked with Jain believed that he would be the successor of their CEO in 2010, Josef Ackermann, because of his high earnings. While Ackermann had brought in 8.8 million in 2010, Jain had earned nearly 12 million that same year, making him the best earner at the bank. Their predictions were correct because Jain was made CEO in 2011, just one year after the speculations had been made.
6. Anshu Jain was accused of tax-stripping
Jain was recently under investigation for dividend tax-stripping. In June of 2019, the story broke about Jain's suspected involvement in a tax scheme that was called "cum-ex." Deutsche Bank and several other global banks were implicated in the scheme. Jain is the former co-CEO of the bank and when asked about his potential involvement, the bank refused to comment on whether he was a part of the probe. Several former bank officials were investigated in the offense. What happened is that several bank execs exploited a loophole which allowed two entities to claim ownership of the shares to make it possible for both to claim rebates on the dividend tax, which resulted in saving of billions of Euros. This was considered to be a fraudulent act and it had been in operation for a number of years.
7. Jain didn't come from a wealthy family
Although Anshu Jain is a very rich man, he came from a family which was considered to be middle class. His father worked as a civil servant to support his family. This tells us a great deal about the commitment and resolves that Anshu had to embark on a career that would allow him to improve the financial standing of his family. He worked hard to complete his education, and then to move forward in a career that would establish him as a powerful executive in the world of finance. He didn't have a rich family to help him get through school or secure a job for him. This is something that he did on his own.
8. He's a big-time Cricket fan
We also learned that Anshu Jain is a fan of Cricket. He loves the game so much that he even went out and purchased a stake in the Mumbai Indians. So we can add this to the list of things that he's done in his life. He's been part owner of a professional cricket team, but he later sold the shares.
9. Jain is a wildlife enthusiast
Anshu Jain is also a lover of wildlife. In addition to having a fondness for animals in their natural habitat, he also happens to be an amateur photographer. We discovered that one of his hobbies is photographing wildlife in his spare time. This sounds like a wonderful way to get away from the rat race of the corporate world and kick back for a little repose and relaxation.
10. Anshu is full of surprises
Mr. Jain is a very smart man and a quick learner. He was not fluent in the German language, so can you imagine the shock that everyone experienced when he began speaking as though he were fluent in a high stakes meeting? It happened back in 2013, and there were some reservations about bringing Jain on board as CEO of Deutsche Bank because of his small knowledge of German, but he surprised them all by speaking the language fluently in the meeting which ultimately determined that he was the best candidate for the position after all.
11. He's led six different companies
We learned that Anshu Jain has been at the helm of several major companies. Deutsche Bank was one of many. He served as President and Director of the CF Finance Acquisition Corporation since 2018, in their holding companies, he was the co-chairman of Deutsche Bank AG, Since 2017 he has served as the President of Cantor Fitzgerald & Co, as well as Cantor Fitzgerald LP, and he was a Trustee for the Chance to Shine Foundation Ltd.
12. He spent two decades at Deutsche Bank
Anshu Jain was instrumental in changing the face and the trajectory of Deutsche Bank. He gave twenty years of his professional career and built the bank into a global investment back which could hold its own against the giants of Wall Street. He addressed the scandals which had rocked the foundations of the bank and he pushed the executives in charge to maintain its status as an investment bank, maintaining their trading options for long past the time when other banks including Barclays and UVBS had cut their operations.
13. Everyone was in shock at his resignation
Jain had become a fixture at Deutsche Bank, especially after spending twenty years with the institution and helping to transform it into a global investment bank with a solid standing in the world of finance. He made Deutsche Bank stronger, better and more highly respected, and his contributions were significant. When he announced that he and Juergen Fitschen were both resigning from the leadership of the bank, a crisis ensued. Shareholders were unhappy with the announcement and by the end of the meeting, Jain and the board were chastised for their low performance.
14. Anshu Jain is married to a writer
Although Anshu Jain likes to keep his personal life private, we learned that he is married. His wife is Geetika Jain. She's a professional writer and her chosen genre is writing educational books. The couple has children who take after their parents' hobbies as they enjoy books and they're also wildlife lovers. The children are Arjun and Anshu, both boys, and they have a daughter named Aranya.
15. The Jains love being in the outdoors and spending time together
Anshu Jain is very much a family man who loves spending time with his wife and kids. They go to the forest and enjoy nature and the wildlife that inhabits the area. In addition, Geetika is also a photographer who enjoys capturing special shots of the animals in their natural habitat. The family also spends some of their free time watching Cricket games. Even though Anshu Jain is a very busy man, he makes time for his wife and children and he enjoys spending time with them.
16. Anshu Jain is a celebrated genius
The country of India is very proud of Anshu Jain. He's one of the most dedicated and hard workers in the finance industry. He's been distinguished with multiple honors throughout his career. One of his accomplishments is the fact that he took the banking sector to a new level, especially for Deutsche Bank and he set a new precedent of excellence for them to follow after for better customer service and overall performance, although the shareholders of Deutsche bank may disagree.
17. He's a "common man" who worked his way up
Anshu Jain is an inspiration to every common man in the world who wants more in his life. He stands as an example of how hard work, dedication and a bit of talent can take you a long way in life. He started out in the middle class financially, but he didn't stay there long. He created his own destiny and rose to the top leadership positions in the banking and economics sectors of business.
18. He has received several recognitions
Risk Magazine has granted their distinguished Lifetime Achievement Award to Anshu Jain. This distinction was given hi in 2010. NASSCOM named him as the recipient of the Annual Business Leader Award, adn in 2003, he received the Euromoney Magazine Capital Markets Achievement Award. On top of all of this, he was also awarded teh American Indian Foundation's Achievement Award for philanthropy and involvement in development. This honor was bestowed upon him in 2005. These distinctions are proof that his efforts throughout the years have not gone unnoticed.
19. He asked for a pay cut
It is a very rare thing that a high-powered executive in the banking and trading industry asks for his pay to be cut, but that is exactly what Anshu Jain did. While he was employed with Deutsche Bank, he asked for a pay cut that is the equivalent of $2.60 million in US dollars. This shows that he's a person who totally commits to making positive changes and he's not afraid to make a personal sacrifice for the benefit of everyone as a whole.
20 Anshu Jain is a man of honor
We've come to the conclusion that Anshu Jain is a humble man who works hard and is sincere in his efforts to do his very best. He's a brilliant strategist, and although his name was associated through rumor with the tax stripping scheme that rocked European banks, it is still unknown if he was actually involved in any wrong-doing. What we've seen is a dedicated professional who keeps himself out of the limelight and goes about his work, and raising his family without the need for attention for the good things that he does. He's a man of integrity and honor.
Written by Dana Hanson
Read more posts by Dana Hanson