Deutsche's top trader pledges to stay at bank

Anshu Jain denies Square Mile rumours that he is considering a move to Citigroup or Barclays
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The Independent Online

Anshu Jain, Deutsche Bank's head of global markets who is probably the firm's highest earner, has committed his long-term future to the bank following suggestions he could quit the firm for a rival.

Mr Jain, 46, denied growing rumours in the City that he could quit for rivals, saying he was staying put.

City sources have suggested that Mr Jain had been approached and spoken with Citi chief Vikram Pandit about a possible move, while a move to Barclays had also been mooted. But Mr Jain said: "I have not been approached."

Speculation that Mr Jain could leave Deutsche, where he has been for 15 years, intensified following recent developments at the bank.

Mr Jain, who was recently promoted to Deutsche Bank's board, is believed to be one of a number of senior staff angered by chief executive Josef Ackermann's decision to stay on as chief executive for another three years after initially saying he would step down in May next year.

Mr Jain had been tipped as a possible successor to Mr Ackermann, whose continuation as chief executive will be formally ratified at a board meeting next month.

It's thought that Mr Jain and others were also furious at Mr Ackermann's decision not to take his bonus last year, which in effect compelled them to follow suit.

Speculation that Mr Jain could join Barclays has been fuelled because unlike most of its rivals, Barclays has not been bailed out by the Government, leaving it free to pay higher bonuses to talented dealers and financiers. The bank is currently in the throes of selling its Barclays Global Investors fund management operation to Blackrock, a deal that could net president, Bob Diamond, as much as $10m.

Mr Jain joined Deutsche Bank from Merrill Lynch in 1995 and quickly earned a position as the firm's most prolific trader. He has worked as head of fixed income sales, head of derivatives and emerging markets bond trading. In 2004 he took over as head of equity sales in trading.

Indian-born Mr Jain recently bought a 15 per cent stake in the Mumbai Indians, an Indian Premier League cricket team captained by India's most prolific batsman, Sachin Tendulkar. The stake is a personal investment as Mr Jain is a keen cricketer, captaining Deutsche Bank's cricket team in the past.

Mr Jain currently sits on the Government's panel reviewing the City of London's competitiveness in the wake of the credit crunch. It's thought that the fact he does not speak German was a major hindrance in his quest to succeed Mr Ackermann. A City source said: "Jain would make an excellent chief executive, probably exactly what Deutsche needs, but there are certain factors that mean he is unlikely likely to get the role. Deutsche's loss would certainly be someone else's gain."

In April, Deutsche unveiled better than expected results when strong performance in its fixed income division helped the bank post first-quarter profits of €1.2bn.