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Hi. I'm Aaron Weinman. 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.

Let's look back at his legacy.

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Photograph of Anshu Jain

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.

In other news:

Photo of Citadel CEO Ken Griffin

2. Citadel's Ken Griffin has some advice for interns: Hustle in your 20s. Interns waited all summer to see the Citadel founder speak at a fireside chat, and he told them not to be shy about asking for a promotion.

3. Rich Americans are running short on time to take advantage of Trump-era tax cuts. The down market enables the rich to save on estate taxes by gifting their depressed assets, but rate hikes are eating into gains at popular trusts that are used to transfer wealth.

4. Ken Griffin, Larry Ellison, Marc Andreessen, Morgan Stanley, and Sequoia Capital have all been roped into the Twitter v. Elon Musk debacle. Here's all the banks, billionaires, and venture capitalists sucked into the battle over whether Musk will have to buy the social-media platform, according to Bloomberg.

5. Carlyle has started the search for its next leader after Chief Executive Kewsong Lee departed last week, Bloomberg reported. The investment firm has hired Russell Reynolds Associates to do the search, and could bring in an outsider to replace Lee.

6. Steve Cohen is quietly setting up a crypto-only asset manager, according to Blockworks. The move builds upon the Cohen-founded Point72 Asset Management's forays into crypto derivatives.

7. Biotech venture capitalists are prioritizing revenue-generating companies over cool ideas. It's a U-turn from when VCs were willing to take chances on unproven companies. Now, they're turning to biotechs that are selling services to other companies.

8. LinkedIn is laying off its global events marketing team as part of a broader company restructuring. The layoffs come on the heels of cuts at companies like Oracle, Hootsuite, and Rivian. Here's the latest.

9. JPMorgan Chief Executive Jamie Dimon said US natural gas production does not conflict with the reduction of greenhouse gas emissions. On a call with wealthy clients, Dimon said "why can't we get it through our thick skulls."

10. Serena Williams is quitting tennis and becoming a full-time venture capitalist. Williams — who will retire from professional tennis after this month's US Open —launched Serena Ventures in 2014 and has invested in over 60 companies. The firm announced that it had raised an inaugural fund of $111 million in March.

Done deal:

  • Stoa USA closed its second $100 million securitization of loans that will be used to grow its house-flipping platform, FlipOS. The property-tech company had its loans underwritten by Cantor Fitzgerald.

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

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