Anshu Jain becomes sole head of Deutsche’s corporate, investment operations

With the supervisory board of Deutsche Bank today approving the request by its co-had of the corporate and investment bank and head of global banking Michael Cohrs, to retire from the management board and from the bank at the end of September 2010, Anshu Jain, head of global markets and Cohrs' long-time co-head of the corporate and investment bank, will become the sole head of the corporate and investment bank.

Cohrs will maintain close ties to Deutsche Bank as a member of its European advisory board, from 1 October 2010.

To ensure a smooth transition, Cohrs will transfer his responsibilities as head of global banking to Jain on 1 July 2010, and will continue to work with him as a management board member until the end of September.

Jain was globally responsible for Deutsche Bank's 6,000-person sales and trading operations, including government and corporate bonds, commodities, emerging markets, equities, foreign exchange, money markets, interest rate and credit derivatives. From a standing start in 1995, Deutsche Bank has grown to be among the largest firms active in global markets, ranking among the top two by earnings in 2007.

Earlier Jain was global head of fixed income sales and trading, global head of derivatives and emerging markets as well as the global head of institutional client coverage at Deutsche Bank.

He joined Deutsche Bank in 1995 to set up and run a specialist unit focusing on hedge funds and institutional derivative coverage. Prior to his career at Deutsche Bank, Anshu was a managing director at Merrill Lynch in New York where he founded and led the securities industry's first dedicated hedge fund coverage group. Between 1985 and 1988 he worked in derivatives research at Kidder Peabody.