(Repeats to fix typo)
By Thomas Atkins
FRANKFURT, June 7 (Reuters) - Anshu Jain spent 20 yearsbuilding Deutsche Bank into a global investment bankthat rivalled Wall Street's giants.
But once ensconced as co-chief executive in 2012 - a timewhen regulators and voters raged against the financial industry- he struggled to cut the "global, universal" bank he helpedcreate down to size or get a grip on a long list of scandals.
Jain's efforts ended on Sunday when he and co-ChiefExecutive Juergen Fitschen both resigned in a shock decisionthat left Germany's biggest bank and Europe's only rival to WallStreet banks in a state of crisis.
The bank faces high costs, huge fines, a new investigationinto Russian money laundering, and a half-finished strategicoverhaul now left in limbo as the two CEOs who designed it taketheir leave.
The Indian-born Jain had pushed Deutsche to remain Europe's"last man standing" in investment banking, well beyond the timewhen competitors like UBS or Barclays hadslashed trading operations and laid off thousands of bankers.
Jain represented the bank's international aspirations, ahandsome, Jaipur-born financier who did his bachelors at theUniversity of Delhi before completing an MBA at the Universityof Massachusetts in Amherst.
He joined Deutsche in 1995 to launch a division specialisingin hedge funds and derivatives. He then headed bond trading andemerging markets and later, as head of the investment bank, heout-earned his boss, then-CEO Josef Ackermann.
As co-CEO, Jain had access to the highest echelons of powerin Berlin and the boardrooms of Europe's largest companies. Butas a figurehead in German finance, the English-speaker struggledto win over the German media and population.
He struck an undeniably awkward pose at this year's AGM,giving a speech in English while German law required that it bedone in German. To bridge the gap, the bank cut Jain'smicrophone and ran a German voice-over, triggering a surge ofmurmurs from the crowd of shareholders and journalists.
Shareholders finished the meeting by chastising Jain and theentire board for their performance, signalling that theirpatience had run out.
Deutsche Bank has been one of the weakest performers of anymajor bank since Jain and Fitschen took over as co-chiefexecutives. (http://link.reuters.com/dyf63w)
Jain and other board members gathered in private after themeeting and he addressed a gathering of senior staff andcoordinators, offering an early hint that he was prepared toleave.
"I don't want to stand in the way of the development of thebank and if necessary I will step aside," Jain told them,according to one person present at the gathering. "He was reallyupset, I mean, really upset."
FLOW MONSTER
The 52-year-old Jain doesn't exude the aura of a stiff,conventional banker, rather, college-boy charm with a blackbackpack sometimes slung over one shoulder in lieu of a leatherbriefcase.
During his CEO tenure, Jain took constant flak for being atthe helm of the investment bank during the go-go years. Jain wasnever directly implied in any wrong-doing in the multitude ofinvestigations by regulators.
He oversaw an investment bank known as a "flow monster" forthe enormous volumes of currencies, bonds and interest-rateproducts it sold. It also aggressively traded its own portfolioof risky assets, so much so that some critics before the crisisdescribed Deutsche a hedge fund with a bank attached.
The bank was one of the most advanced players in structuredsecurities, where financial engineers designed the most complex derivatives, many of which proved worthless in the financialcrisis.
This legacy came to haunt the bank. Long after regulatorsworldwide had launched a crackdown on banks and bankers,Deutsche Bank was still struggling to change a business culturefocused on big profits - not client satisfaction. (Additional reporting by Arno Schuetze; Editing by PhilippaFletcher)