Former Deutsche Bank co-CEO Anshu Jain announced dead

Deutsche Bank AG (NYSE:DB) former co-CEO Anshu Jain died early Saturday at the age of 59 after a long illness, the bank said.

"Anshu Jain played a key role in expanding Deutsche Bank's (ETR:DBKGn) position in our global business with corporates and institutional investors," said Alexander Wynaendts, chairman of the bank's supervisory board. "Today this loss is of strategic importance not only for Deutsche Bank, but also for Europe as a financial center," he added. The bank said Jain was instrumental in building the company's global capital markets business. The Indian-born banker was appointed to Deutsche's board in 2009 and was in charge of the corporate and investment banking division from 2010. He served as co-CEO from 2012 to 2015. "Everyone who worked with Anshu encountered a passionate leader with intellectual genius," current CEO Christian Sewing said. Bloomberg News previously reported that Jain had been suffering from cancer for five years. "We are deeply saddened that our beloved husband, son and father Anshu Jain passed away overnight," his family said in a statement, according to the report. Jain lived four years longer than his initial diagnosis in January 2017, his family added. Jain joined Deutsche Bank in 1995, setting up a division specializing in hedge funds and derivatives. He resigned from Deutsche Bank in 2015 and had been chairman of financial services firm Cantor Fitzgerald since 2017.