Anshu Jain has been named the co-head of investment banking division of Deutsche Bank. At present Jain is the bank’s head of Global Markets.

Chief Executive Jozef Ackermann named Anshu Jain and Michael Cohrs co-heads of investment banking. Jain’s global markets unit and Cohrs’s corporate finance division contributed more than 40 percent of the revenue at Deutsche Bank in the first half of 2004-about 4.99 billion euros ($6.12 billion) to Deutsche Bank’s 11.7 billion euros of revenue in the first half of 2004.

siliconindia also learns that recently Ackermann is understood to have asked India-born Jain to examine the feasibility of the bank’s expansion in India. The Economist reports that one joke circulating in Frankfurt, the German financial center where the bank is based, is that Deutsche is actually run by an Indian “bond junkie”: Anshu Jain.

It is also learnt that Jain told Ackermann that he can add 1 billion euros to the investment bank’s bottom line over the next two years by cutting back-office jobs and generating revenue by expanding away from some derivative products and into more mainstream cash equities and corporate bonds. Deutsche Bank officials declined to comment.

Born in 1963, Anshu Jain joined Deutsche Bank in 1995 from Merrill Lynch & Co. with Edson Mitchell, who helped lead the German bank’s efforts to expand into a global financial firm. Jain succeeded Mitchell after his death in 2000. The global markets unit is responsible for investment-grade bond underwriting, sales and trading, derivatives, commodities and currencies.

A native of India, Jain was educated at Delhi University and received a master’s degree in business administration from the University of Massachusetts. He worked at Merrill Lynch from 1988 until 1995.

Earlier this year, Deutsche Bank hosted the first Indian Entrepreneurship Conference in London where Jain talked about the success of the 20 million strong Indian diaspora, its history and the opportunities now open to Indian entrepreneurs following the liberalization of the Indian economy and its integration into the global trading network.

“The Indian diaspora has been one the most successful in the world over the past decade, and it has a huge future ahead of it,” said Jain. “We have achieved tremendous things in a wide variety of different locations and different industries, while remaining proud of who we are and where we come from.”