The interdealer broker has tapped Anshu Jain to help grow the firm via a newly created post.
Interdealer broker Cantor Fitzgerald has hired Anshu Jain, the former co-CEO of Deutsche Bank, as its new president with a mandate to oversee the firm’s next phase of growth.
In a prepared statement, Howard W. Lutnick, chairman and CEO of Cantor Fitzgerald, L.P. (CFLP), says that Jain in his newly created post will help “improve our already exceptional service to clients, extend and expand the products and services we offer, and increase the capital available to assist clients.”
Lutnick adds that Jain has “a proven track record as a pioneer and builder of leading global businesses. …We expect to leverage Anshu’s global outlook, unrivalled experience, and deep network to further grow our firm.”
Jain, who was co-CEO at Deutsche Bank from June 2012 to June 2015, also served as a member of the management board from 2009 and the Group Executive Committee from 2002, officials say. He joined the German institution from Merrill Lynch in 1995.
Among his accomplishments at Deutsche Bank was his effort to help transform the firm a global universal bank with an investment banking franchise, say officials at Cantor. He also led the Deutsche Bank team when it advised the U.K. Treasury on financial stability, sat on the board of directors of the Institute of International Finance and served as a member of the Financial Services Forum and the International Advisory Panel of the Monetary Authority of Singapore.
In June 2015, Deutsche Bank announced that after an extraordinary meeting of the board Jürgen Fitschen, Jain’s co-CEO, and Jain decided “to step down early from their roles.” Deutsche Bank officials called that decision an impressive demonstration of “their attitude of putting the bank’s interests ahead of their own.”
The departures were in the wake of the LIBOR scandal, in which Germany’s largest bank was fined $2.5 billion by U.S. and U.K. authorities for rigging the benchmark London Interbank Offered Rate. John Cryan, a board member who formerly was president for Europe at Temasek, the Singaporean investment company (2012 to 2014), and chief financial officer of UBS (2008 to 2011) took the position of co-chief executive officer on July 1, 2015. He worked with Fitschen during the transition and became the sole CEO on May 20, 2016.
While Jain will be the president at CFLP, Shawn Matthews will stay on as the president and CEO of Cantor Fitzgerald & Co., the broker-dealer subsidiary CFLP, officials say.
“I have long admired Howard’s extraordinary leadership and successful efforts as he and his team rebuilt and expanded the Firm after 9/11,” Jain says in a prepared statement. “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.”
CFLP specializes in financial and real estate services and operates through four business lines: capital markets and investment banking; wholesale financial brokerage; real estate brokerage and finance; and private equity. The firm has more than 10,000 employees serving clients in over 25 countries, including major financial centers in the Americas, Europe, Asia/Pacific, and the Middle East, officials say.
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