Former Deutsche Bank co-CEO Anshu Jain has joined US financial services company Cantor Fitzgerald (CFLP) as president. Cantor said Jain will build on its strong client-focussed business foundation and drive the firm’s momentum as it enters the next phase of growth.
Jain, who resigned from Deutsche Bank in June 2015, has over three decades of leadership experience in the financial services industry. He will be working with with Howard W Lutnick, chairman and chief executive officer of CFLP.
Lutnick said, “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.”
Shawn Matthews will remain president and chief executive officer of Cantor Fitzgerald & Co., the firm’s broker-dealer subsidiary.
Jain said, “From the end of 2001 through now, CFLP has grown dramatically from several hundred employees and partners to over 10,000 globally across financial services and real estate”. He added that he has long admired Lutnick’s extraordinary leadership and successful efforts as he and his team rebuilt and expanded the firm after 9/11.
CFLP primarily serves institutional customers in the global financial and commercial real estate markets. Over the past 70 years, Cantor has built a business across multiple lines, including capital markets and investment banking, wholesale financial brokerage, real estate brokerage and finance and private equity.
Its 10,000 employees serve clients through over 100 locations, including major financial centres around the world in the Americas, Europe, Asia-Pacific and the Middle East.
Rajasthan-born Jain completed his bachelor’s in economics from SRCC in Delhi before doing an MBA in finance from University of Massachusetts Amherst. He also spent three years as a derivatives research analyst at Kidder, Peabody & Co, which later came under UBS.
Jain, who joined Deutsche from Merrill Lynch in 1995, was a member of the bank’s management board from 2009 and the group executive committee from 2002. He also led the Deutsche Bank team that advised the UK Treasury on financial stability, sat on the board of directors of the Institute of International Finance and was a member of the Financial Services Forum. He served on the International Advisory Panel of the Monetary Authority of Singapore.
In 2015, Anshu Jain and Jurgen Fitschen, co-CEOs of German financial powerhouse Deutsche Bank, decided to step down before the expiry of their terms. The decision came less than two months after Deutsche Bank was fined a record $2.5 billion by American and British regulators over its alleged role in fixing Libor (London Interbank Offered Rate) between 2003 and 2010.
In mid-2016, Jain participated in funding of InCred Finance, a Mumbai-based non-banking financial company that received about Rs 500 crore from several affluent individuals and private equity firms.
Several banking veterans, including former Citigroup CEO Vikram Pandit, have been betting on India’s financial services space through personal investments. Pandit and a co-investor had in 2014 picked up an effective 50% stake in the real estate lending arm of JM Financial Ltd for Rs 525 crore.
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