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Cricket-mad Indian touted as next Deutsche Bank CEO
BERLIN: Anshu Jain already captains Deutsche Bank's cricket team, and a boardroom reshuffle last week means that the Indian big-hitter is now seen as a prime candidate to be chief executive too.
Jain, 47, has just been appointed sole head of the German lender's most powerful division, its corporate and investment banking division, which accounts for the lion's share of group revenues and profits.
Previously Jain, who until recently owned a stake in the Mumbai Indians, the all-star Indian Premier League cricket team owned by the super-rich Mukesh Ambani, ran the division in tandem with Michael Cohrs, who is retiring.
He will run all Deutsche's sales and trading operations, including government and corporate bonds, commodities, emerging markets, equities, foreign exchange, money markets, interest rate and credit derivatives.
Armed with a degree from Delhi University and an MBA in finance from University of Massachusetts Amherst, Jain first cut his teeth at Merrill Lynch in New York before moving to his present employer in London in 1995.
And despite running a division that earned its crust using the kind of opaque investment bets that brought the global financial system close to collapse in 2008, Jain is generally seen as having had a "good" crisis.
He is credited with having managed rapidly to re-organise his division post-crisis and get it back to making money. In the first quarter of 2010, it generated 2.7 billion euros ($3.3 billion) in pre-tax profits.
Since 2002 he has been on the bank's executive committee and since April 2009 a member of the management board, earning an estimated 9.7 million euros last year, 200,000 euros more than the man he might succeed, Josef Ackermann.
"Of all the internal candidates, Jain has the best chances," Konrad Becker, analyst at private German bank Merck Finck, said.
But Deutsche Bank is no ordinary bank, and being selected to fill the Swiss Ackermann's shoes will not be easy. And a strong candidate from outside the bank, which employs 77,000 people worldwide, may yet emerge.
UPDATE 1-Deutsche Bank's Cohrs to hand over to Jain | Reuters
BERLIN: Anshu Jain already captains Deutsche Bank's cricket team, and a boardroom reshuffle last week means that the Indian big-hitter is now seen as a prime candidate to be chief executive too.
Jain, 47, has just been appointed sole head of the German lender's most powerful division, its corporate and investment banking division, which accounts for the lion's share of group revenues and profits.
Previously Jain, who until recently owned a stake in the Mumbai Indians, the all-star Indian Premier League cricket team owned by the super-rich Mukesh Ambani, ran the division in tandem with Michael Cohrs, who is retiring.
He will run all Deutsche's sales and trading operations, including government and corporate bonds, commodities, emerging markets, equities, foreign exchange, money markets, interest rate and credit derivatives.
Armed with a degree from Delhi University and an MBA in finance from University of Massachusetts Amherst, Jain first cut his teeth at Merrill Lynch in New York before moving to his present employer in London in 1995.
And despite running a division that earned its crust using the kind of opaque investment bets that brought the global financial system close to collapse in 2008, Jain is generally seen as having had a "good" crisis.
He is credited with having managed rapidly to re-organise his division post-crisis and get it back to making money. In the first quarter of 2010, it generated 2.7 billion euros ($3.3 billion) in pre-tax profits.
Since 2002 he has been on the bank's executive committee and since April 2009 a member of the management board, earning an estimated 9.7 million euros last year, 200,000 euros more than the man he might succeed, Josef Ackermann.
"Of all the internal candidates, Jain has the best chances," Konrad Becker, analyst at private German bank Merck Finck, said.
But Deutsche Bank is no ordinary bank, and being selected to fill the Swiss Ackermann's shoes will not be easy. And a strong candidate from outside the bank, which employs 77,000 people worldwide, may yet emerge.
UPDATE 1-Deutsche Bank's Cohrs to hand over to Jain | Reuters
