Deutsche Bank's former co-chief executive Anshu Jain played a big role in turning the German lender into a global investment bank

Anshu Jain, the former co-chief executive of Deutsche Bank, died on Saturday in the UK after battling a form of stomach cancer. He was 59 years old.

Jain is credited with helping build Deutsche Bank's investment-banking and capital-markets business into a global giant.

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1. Anshu Jain, the former co-chief executive of Deutsche Bank, has passed away. The banker had been suffering from a form of stomach cancer. He outlived his predicted life expectancy by four years.

Jain, born in India, was co-CEO of the German bank between 2012 and 2015 alongside Jürgen Fitschen. He led Deutsche Bank's global markets division from 2000 and became the investment-banking division head in 2010. He left Deutsche Bank in 2015 and returned to banking in 2017 to become president of US investment bank Cantor Fitzgerald.

Jain is largely credited with turning Deutsche Bank into a global firm with deep business ties across Europe, Asia, and the Americas.

When he led the investment-banking arm at Deutsche Bank, the unit generated a significant amount of the firm's profits. He commanded one of the largest salaries in global banking.

Shareholder scrutiny, however, over weakening profits, increased expenses, pressure from regulators, and clashes with Deutsche Bank's Frankfurt headquarters led him to leave the bank two years before his contract was up.

The bank faced heavy scrutiny in 2012 over accusations of manipulating the benchmark London Interbank Offered Rate. In 2015, Deutsche Bank paid a record $2.5 billion penalty to settle US and British allegations that it manipulated rates. And in late 2016, Deutsche Bank agreed to a $7.2 billion settlement with the US Justice Department over the sale of mortgage securities in the years leading up to the financial crisis.

Despite the scrutiny, Jain's efforts to turn Deutsche Bank into a true competitor in the US are not lost on Wall Streeters.

Numerous European lenders have made a play for the US investment-banking market, but "none did it with the zeal of Deutsche Bank" under Edson Mitchell (who died aged 47 in 2000) and Jain, according to this report from the New York Times' DealBook.

In a statement released on Saturday, Deutsche Bank said Jain was "instrumental in building the company's global capital-markets business."

"Anshu Jain played a key role in expanding Deutsche Bank's position in our global business with companies and institutional investors," Alexander Wynaendts, chairman of the supervisory board at Deutsche Bank, said in the statement.

Jain's banking prowess aside, as an avid cricket player and fan myself, I'm enamored by his ability to shrug off being hit in the head by a "bouncer" on the cricket pitch, as described in this article about Jain from efinancialcareers. For those of you unaware — and curious —getting hit by a "bouncer" is like a ferocious fast-ball pitch to the head during a baseball game.

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Done deal:

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Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.