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Departed Deutsche Bank CEO Not Sitting At Home Crying About The Germans

Anshu Jain has moved on and fast.
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It's possible Anshu Jain's former co-CEO Jürgen Fitschen is sitting by the phone, wishing, and hoping, and thinking and praying that his former employer comes to its senses and takes him back. But Jain? He moved on weeks ago.

Anshu Jain, the former co-CEO of Deutsche Bank who worked his last day at the bank on June 30, is in talks with Japanese tech lender SoftBank for a still-undefined executive-level position, The Post has learned. Jain has been in talks with SoftBank President and COO Nikesh Arora for about a month, according to a person directly familiar with the talks...While it’s unclear what Jain’s position would be, Arora opined on Jain’s possible future in a June 11 interview with India’s Economic Times...In a move that surprised few on Wall Street, Deutsche Bank announced on June 7 that it would replace Jain and his counterpart Jürgen Fitschen with John Cryan.

Ex-Deutsche CEO eyes leadership role at SoftBank [NYP]


Germans Still Not So Sure About This Anshu Jain Guy

Tomorrow morning, Anshu Jain will start his new job as co-CEO of Deutsche Bank. Despite having previously overseen operations that produce 90 percent of the firm's profits in any given quarter, sitting on the management committee, and generally being considered a "star" both within the company and among those who follow his work, chief executive officer is a title no one thought AJ would be given if he remained at DB, because 1) people back in Germany don't like that he's an investment banker and 2) "In Germany, no one can imagine an Indian working in London who does not speak German being CEO of Deutsche Bank." To the haters' chagrin, though, that's exactly what's about to happen. And if they want to continue bitching about it, they can be Jain's guest-- their insults go in one ear and out the other. While Mr. Jain has taken German lessons, he doesn't speak the language, and Der Spiegel, the country's best-selling weekly magazine, ran a 12-page cover story earlier this year laying much of the blame for Deutsche Bank's troubles at Mr. Jain's feet. Jain Takes The Reigns At Deutsche [WSJ]

Layoffs Watch '12: Deutsche Bank

The Germans thought about it and decided yes, layoffs sound like a great idea. Deutsche Bank said it will eliminate 1,900 jobs, including 1,500 at the investment bank, as part of an effort to save 3 billion euros ($3.68 billion). Deutsche Bank, based in Frankfurt, forecast “substantial costs” to achieve the savings without giving a figure in a statement to the stock exchange today. The job reductions are part of a strategy review Anshu Jain and Juergen Fitschen, Deutsche Bank’s new co-chief executive officers, are conducting as the lender grapples with declining revenue from the investment bank, which reported a 63 percent decline in second-quarter earnings today...“The time for vague promises of cultural change in our industry is long gone,” Jain said on a conference call with analysts and reporters. Deutsche Bank’s leaders are “totally determined to act quickly and decisively.” Deutsche Bank To Cut 1,900 Jobs In Bid To Save EU3 Billion [Bloomberg]