Assuming increasingly powerful positions at Deutsche Bank’s investment bank, eventually becoming chief executive officer, Mr. Jae-in was a loyal subordinate cadre who became known within the bank as “Army of Anshu.” built up. Their path to power and wealth was facilitated by Deutsche Bank’s aggressive efforts to weaken German banking regulation and limit oversight of banking operations.
Jain’s popular deal has earned the bank billions of dollars in profits. Leading up to the 2008 financial crisis, his team was one of the few on Wall Street to bet on falling mortgage-backed securities prices, a far-sighted triumph, just like Mr. Jain, Volkerts.・Belonged to Mr. Landau. Said.
But some of the bank’s complex transactions also caused problems. In one case, Italian bank Monte dei Paschi di Siena was accused of using derivative transactions to help cover up losses, but a judgment was later handed down against Deutsche Bank in an Italian court. I was. overturned pending appeal.
In 2012, the bank’s board of directors appointed Jain and German banker Jürgen Fitschen as co-CEOs. Founded in 1870Deutsche Bank, national largest financial institutionwas by then so powerful in Germany that its leader was sometimes considered a quasi-government and wielded strong influence over German politicians.
At Deutsche Bank, Jain faced obstacles as an immigrant, including episodes of racism, colleagues said. “The local media emphasized that he was Indian in almost every article,” Enrich wrote. “I apologized to a colleague for explaining that Germans do not look favorably on outsiders in the banking sector,” Fitschen added.
Mr. Jain didn’t want to talk about discrimination, at least not at work. He made a point of focusing on his business and using his skills as a salesman to overcome prejudices. “You go ahead, you charm, you win,” said Jain’s friend Dahl.