Anshu Jain, former CEO of Deutsche Bank whose long and distinguished career there ended on a sour note in 2015, has finally come out of hibernation with reports suggesting he has taken up the position of president at the US-based financial services firm, Cantor Fitzgerald LP.
According to reports, Jain's deep knowledge of global capital markets and strong expertise, will be used extensively to grow the firm's businesses.
"Anshu has a proven track record as a pioneer and builder of leading global businesses. He has a deep understanding of the global capital markets, and strong expertise built over decades of leadership in the industry, making Anshu my ideal partner to drive growth during the next era of Cantor's development. We expect to leverage Anshu's global outlook, unrivalled experience and deep network to further grow our firm," The Economic Times reported quoting CFLP CEO Howard Lutnick.
The New York-based CFLP has over 10,000 employees for serving their clients across 100 locations. The company's businesses are divided into four verticals -- capital markets and investment banking, wholesale financial brokerage, real estate brokerage and finance, and private equity.
The 53-year-old Jain will assume his new post in the coming weeks and work from London, according to a company spokeswoman, a Mint report said.
The financial services firm wants to cash in on Jain's experience of handling several investment products across Europe, and plans to grow its investment banking business in the region.
"We have a great fixed-income business in America, but we’ll expand the number of products in which we’ll do business with our clients. In Europe, we’ll grow our investment banking business, taking Cantor Fitzgerald into the next level.” And the firm aims to grow in Asia," Mint report said quoting Lutnick.
Bumpy ride at Deutsche Bank
Earlier, Jain had a somewhat bumpy ride at Deutsche Bank. Having started his career at the German bank in 2002, Jain helped the bank set up a specialized unit focusing on hedge funds and institutional derivative coverage.
During his tenure, Deutsche Bank reported first quarter net revenues of 9 billion euro in April 2010 of which the corporate and investment bank contributed net revenues of 6.6 billion euro, up from 4.9 billion euro in the first quarter 2009.
Following his star performance, Jain was appointd as Co-CEO of Deutsche Bank on 25 July, 2011.
However, things turned for the worse during his four-year stint and the bank was forced to pay huge penalties in several countries because of allegations of interest manipulation. Also, the bank pleaded guilty to criminal charges in the US, leading to a depressed share price for several years.
Finally, on 7 June, 2015, Jain resigned from his position at Deutsche Bank, after he and his fellow executives received a much lower support from the shareholders at the company's AGM.
Updated Date: Jan 03, 2017 12:55 PM