Money Briefs: Anshu Jain joins Cantor Fitzgerald

Anshu Jain joins Cantor Fitzgerald

NEW YORK • Mr Anshu Jain, the former Deutsche Bank co-chief executive officer, is joining Cantor Fitzgerald as president, The Wall Street Journal has reported.

Mr Jain, in his newly created role, will oversee strategy and expansion across the company in areas that include fixed income and equities trading, as well as prime brokerage, the newspaper said, citing Mr Howard Lutnick, Cantor's chief executive and chairman.

Over two decades, Mr Jain helped build Deutsche Bank into Europe's biggest securities firm, before leaving in June of 2015 as profitability suffered amid stiffer regulation, a trading slump and years of government probes.

His successor John Cryan has scrapped bonus awards for top management, suspended dividend payments, pledged to eliminate thousands of jobs and cut risk-weighted assets at the securities unit to restore investor confidence.

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Indian sovereign bonds extend rally

NEW DELHI • Indian sovereign bonds extended Monday's biggest rally in six weeks after the government unexpectedly lowered its borrowing target for the financial year.

The administration will sell notes worth 660 billion rupees (S$14 billion) through six equal weekly auctions in the period to March 31, the Reserve Bank of India (RBI) said in a statement late on Monday.

That is 180 billion rupees less than what was planned earlier in the borrowing calendar released last September.

The revision was made "after reviewing the cash position" of the central government, according to RBI's statement.

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A version of this article appeared in the print edition of The Straits Times on January 04, 2017, with the headline 'Money Briefs'. Print Edition | Subscribe