Deutsche Bank gets Indian CEO
Anshu Jain already captains Deutsche Bank’s cricket team, and a boardroom reshuffle last week means that the Indian big-hitter is now seen as a prime candidate to be chief executive too.
Mr Jain, 47, has just been appointed sole head of the German lender’s most powerful division, its corporate and investment banking division, which accounts for the lion’s share of group revenues and profits.
Previously Mr Jain, who until recently owned a stake in the Mumbai Indians, the all-star Indian Premier League cricket team owned by the super-rich Mukesh Ambani, ran the division in tandem with Mr Michael Cohrs, who is retiring.
He will run all Deutsche’s sales and trading operations. Armed with a degree from Delhi University and an MBA in finance from University of Massachusetts Amherst, Mr Jain first cut his teeth at Merrill Lynch in New York before moving to his present employer in London in 1995.
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Centre for Chinese mobile ban
New Delhi, June 20: Concerned over revenue loss due to rise in the import of unbranded Chinese mobile phones, the government is considering the introduction of strict surveillance of grey market deals and restriction on import of devices without proper code.
According to reports, the import of unbranded Chinese mobile phones was valued at Rs 4,200 crore in 2009-10. This results in huge revenue loss to the government in terms of non-payment of VAT, Octroi and entry tax.
When contacted, senior officials in the department of telecom confirmed government’s view, saying “a grim scenario looms over the mobile industry with the intrusion of cheap Chinese imports.”
The government is mulling over serious policy, regulatory and enforcement interventions to address the problems created by the grey market in mobile handsets. — PTI
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