India Inc:
He is one of Britain’s most prominent Indian bankers and now Anshu Jain looks set for an even higher profile.Jain is expected to share responsibilities with Juergen Fitschen, the head of the Frankfurt-headquartered bank’s German operations, when current chief executive Josef Ackermann’s contract expires in 2013.
The idea of a joint leadership came about to counter-balance concerns over Jain’s less than fluent grasp of the German language for the top job. However, the fact that he has been at the helm of Deutsche Bank's most profitable division in London and the fear of losing him to the competition would have eventually won over any sceptics.
The reaction in the City of London has been overwhelming.
Arup K. Ganguly, managing partner of specialist broker-dealers KNG Securities, told India Inc: “When you meet Anshu Jain, two things strike you. First, he’s smart, very smart. Two, he comes across as having nerves of steel. Just the kind of man you need at the helm as the banking industry faces some very tough challenges.”
Pratik Dattani, economic consultant at FTI consulting and chair of the City Hindus Network, pointed to the broader implications of such an appointment.
“He provides a role model for Indians at all levels by showing Indians can, and are, breaking through the glass ceiling, not just in the UK but in Europe also,” he said.
Jaipur-born Jain is credited with re-organising his division following one of the worst economic crises facing the banking world to get it back to making money. In the first quarter of 2010, his effective leadership generated $3.3 billion in pre-tax profits.
Following an MBA in finance from University of Massachusetts Amherst, Jain started out at Merrill Lynch in New York before moving to Deutsche Bank in London in 1995.
Since 2002 he has been on the bank's executive committee and since April 2009 a member of the management board. Last year, he was put in charge of more than 70 per cent of the group’s revenue, making him a leading candidate to run the bank's global operations.
But he is certainly not about all work and no play. Until recently, the keen cricketer and captain of the bank’s own team also owned a 10 per cent stake in the Mumbai Indians franchise - the Indian Premier League team (IPL) owned by billionaire Mukesh Ambani.
