THE FORMER co-boss of Deutsche Bank, Anshu Jain, passed away yesterday.

Jain, who served as president at Cantor Fitzgerald after masterminding Deutsche's growing role in global capital markets, had been battling a serious illness.

Cantor boss Howard Lutnick said

Jain would be remembered as a "consummate professional who brought a wealth of experience and wisdom to his role as president" while Deutsche CEO Christian Sewing said "anyone who worked with Anshu experienced a passionate leader of intellectual brilliance".

Jain's work at Deutsche Bank, which he joined in 1995 to launch a division specializing in hedge funds and derivatives, is regarded as the driving force behind the bank's rapid rise to prominence on the global stage in the aftermath of the financial crisis - and the European debt crisis that followed.

"He will be remembered for his leadership in financial services and his deep commitment to conservation," said Larry Fink, chief executive of Blackrock, who said he knew Jain well.

(c) 2022 City A.M., source Newspaper