(Bloomberg) -- Anshu Jain, the former Deutsche Bank AG co-chief executive officer, is joining Cantor Fitzgerald LP as president, the Wall Street Journal reported.
Jain, in his newly created role, will oversee strategy and expansion across the company in areas including fixed income and equities trading as well as prime brokerage, the newspaper said, citing Howard Lutnick, Cantor's chief executive officer and chairman.
Over two decades, Jain helped build Deutsche Bank into Europe's biggest securities firm, before leaving in June of 2015 as profitability suffered amid stiffer regulation, a trading slump and years of government probes. His successor John Cryan has since scrapped bonus awards for top management, suspended dividend payments, pledged to eliminate thousands of jobs and cut risk-weighted assets at the securities unit to restore investor confidence.
Last month, Deutsche Bank agreed to a $7.2 billion settlement to end a U.S. investigation into its sales of the mortgage securities that helped fuel the 2008 financial crisis. Germany's biggest bank still faces probes into whether it manipulated foreign-currency rates and precious metals prices and whether it facilitated transactions that helped investors illegally transfer billions of dollars out of Russia.
--With assistance from Noah Buhayar To contact the reporter on this story: Sonali Basak in New York at sbasak7@bloomberg.net. To contact the editors responsible for this story: Dan Kraut at dkraut2@bloomberg.net, Christian Baumgaertel
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