By JENNY STRASBURG for The Wall Street Journal, Jan. 2, 2017
Anshu Jain has landed a top job at New York-based Cantor Fitzgerald LP a year and a half after being replaced as co-chief executive officer of Deutsche Bank AG.
In his newly created position as group-level president, Mr. Jain will help oversee Cantor’s companywide strategy and expansion efforts in areas including fixed-income and equities trading and prime brokerage, Howard Lutnick, the New York-based firm’s CEO and chairman, said in an interview Monday.
Mr. Jain will be based in London, and will spend a lot of time in the U.S. and Asia.
“He has vast knowledge and experience across the entire global financial footprint,” Mr. Lutnick said. “He’s my partner at the parent company, so his roles are very much vision, direction and then helping build the teams to execute. It’s not an operating role.”
Mr. Jain said in a press release from Cantor that he has admired Mr. Lutnick’s leadership and Cantor’s growth since 2001, and was attracted by the firm’s position as a leading nonbank financial company with “cutting-edge technology and a global reach. . . .”
Cantor sells trading and investment-banking services and operates insurance brokerage and investment-management businesses. Mr. Lutnick said he sees opportunities to lure more trading and investment-banking business from big banks in part because of capital constraints that have forced banks to rein in risk-taking since the financial crisis.
Many big European banks have shrunk their businesses, cutting jobs and clients.
“When they cut those clients back, where are those clients going to go?” Mr. Lutnick said, adding that Cantor has a different “risk profile” from banks. The company’s growth plans are focused on the U.S. and Asia, he said.
Mr. Jain, a 53-year-old native of India and British citizen, joined Deutsche Bank in 1995 and helped build its London-based investment bank into a global trading powerhouse. He became co-CEO in 2012, and left Deutsche Bank in 2015 when he and co-CEO Jürgen Fitschen were replaced by John Cryan .
As Deutsche Bank’s most visible executive during his co-CEO tenure, Mr. Jain came under fire for missing cost-cutting targets and big regulatory and legal woes, some of which have continued to haunt the bank. The pressure intensified in the weeks before Mr. Jain resigned in June 2015. (Mr. Fitschen remains at Deutsche Bank working with key clients and executives.) . . .
Mr. Lutnick said he has known Mr. Jain for many years, and they have become friends over the past several. Their discussions about a role at Cantor intensified gradually during the past year.
“I have really longed for a partner,” Mr. Lutnick said, noting the company’s growth since it was devastated by the Sept. 11, 2001, terror attacks on the World Trade Center in New York. Cantor lost 658 employees in the attacks. . . .
The company has more than 10,000 employees and operations in about 25 countries.
Has it occurred to you that there might exist in the financial world a breed of men with such extraordinary powers to survive that, just when one is convinced that they have finally gone down for the count (“stake through the heart” and all that), they will reappear, full of life, more Jason than Oedipus, all ready for Act VI of their five-act tragedy?
Could Anju Jain be one of these?