Anshu Jain had dreamt of leading Deutsche Bank for years. But in 2012, when he was finally elevated to the top job, the Indian-born, City of London-trained banker knew full well that the timing was bad.
The finest days of banking — in particular, the investment banking business he knew so well — were over.
No matter. Like peers at HSBC (Stuart Gulliver) and Barclays (Bob Diamond), Mr Jain — a fiercely bright, fiercely ambitious fixed-income trader — had been Deutsche’s obvious next chief executive.
Investment bankers had held such sway in the run-up to the 2008 crisis that they were the natural successors to the CEO roles even after investment banking had become a dirty word.
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