Marking the ascendance of another Indian in the global financial system, well known investment banker Anshu Jain will take over the reins of German banking giant Deutsche Bank as co-CEO on Friday.

The 49-year-old banker, well-respected for maintaining high profits at Deutsche Bank's investment banking operations during the 2008 financial meltdown, would take over at a time when the banking sector globally is grappling with regulatory and economic challenges. An economics graduate from the Delhi University, India-born Mr. Jain also holds an MBA in finance from the University of Massachusetts Amherst.

At present based in London, Mr. Jain heads the Corporate and Investment Bank business of Deutsche Bank, whose other co-CEO would be Juergen Fitschen.

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