Deutsche Bank has named Anshu Jain as head of its Corporate and Investment Banking business. Jain is currently the global markets head at the firm, said a company statement.
He will also assume the charge of Deutsche’s Global Banking head, the post left vacant with the retirement of Michael Cohrs. Jain will take charge as the Global Banking head on July 1, 2010. Cohrs will continue to remain as a member of Deutsche Bank and will join its European Advisory Board in October this year.
Jain joined Deutsche Bank in 1995, and subsequently served the firm at several key positions. He has been in the Group Executive Committee since 2002, and joined its Management Board in 2009. Jain is globally responsible for Deutsche's sales and trading operations, including government and corporate bonds, commodities, emerging markets, equities, foreign exchange, money markets, interest rate and credit derivatives.
Prior to joining Deutsche, he was a Managing Director at Merrill Lynch in New York. Jain is also a non-executive director of Sasol Ltd, an integrated oil and gas company, in South Africa.
Josef Ackermann, chairman of the management board and the Group Executive Committee, Deutsche Bank, said, in the statement, “Anshu Jain is taking over a strong business division. We are confident that he will build on this success.”
The bank, which claims a strong and profitable private clients franchise, has presence in 72 countries, and has operations primarily in Germany and Europe. It has also been expanding its operations across North America, Asia and some key emerging markets including India.