Does Deutsche Bank favour Indian nationals?
Is Anshu Jain about to become sole head of Deutsche's corporate and investment bank? Maybe. According to reports at the weekend, Michael Cohrs, with whom Jain currently shares the running of the investment bank is planning to relinquish some of his duties imminently. Logic suggests that Jain could end up in sole charge of Deutsche CIB as a result.
Jain's ascension may add fuel to claims that Deutsche's corporate and investment bank is run by a clique of Indians, including Jain, Bhupinder Singh, head of structured rates products for Europe and Asia, Haroon Sana, global head of rates sales, and Nitin Prahbu, a senior structured products banker in the US. Rajeev Misra, Deutsche's former global head of credit is also said to have been part of the clique, until he left for UBS last May.
According to one fixed income headhunter, Deutsche has a knack for hiring very bright Indian graduates. "Jain is obviously a believer in the bright mathematical Indian ranks coming up through the schools and their education system," says another.
There's little sign that Deutsche actively favours Indians, however. Recent hires in Europe include Suzanne Cain for credit sales, Stephen Byrne as head of European distressed debt trading, and Michael Durr as global head of central bank rates sales.
One recruiter says all banks employ talented Indians in London and that this is testimony to the calibre of graduates produced by the likes of the Indian Institute of Technology.
"India's population is more than 1bn. Banks are interested in the top 1%, which is truly exceptional," he points out.
