SoFi Hires Ashish Jain, Trader Sacked by Deutsche Bank Last Year

| By:

Fireside Chat with Mike Cagney of SoFI, moderated by Tellis Demos of the Wall Street Journal, at the LendIt USA 2016 conference in San Francisco, California, USA on April 12, 2016. (photo by Gabe Palacio)

Fireside Chat with Mike Cagney of SoFI, moderated by Tellis Demos of the Wall Street Journal, at the LendIt USA 2016 conference in San Francisco, California, USA on April 12, 2016. (photo by Gabe Palacio)

If you get fired from a top investment bank pending a compliance probe, don’t worry. Things might still turn around, as it did for Ashish Jain, the former Deutsche Bank trader hired by SoFi. 

SoFi hired Jain to bundle loans into bonds and sell them to investors. Deutsche Bank’s former CEO Anshu Jain is already an advisor to SoFi. Speaking of Ashish Jain’s appointment, Bloomberg quoted SoFi CEO Mike Cagney as saying,

“We are comfortable with Ashish’s character and integrity..we spent a lot of time talking with folks in the industry and concluded that he is a good actor.”

Jain was terminated as the former head of securitized product sales for Deutsche Bank in America after the bank found that he failed to comply with the bank’s policies after the bank fired junior traders for lying to clients on the pricing of commercial mortgage bonds.

Separately, the San Francisco-based lender closed a $380 million securitization deal. And earlier this month, the company’s subsidiary SoFi Lending Corp became an approved Fannie Mae seller and servicer.

Last modified: May 19, 2016
Srividya KalyanaramanAs editor, Srividya drives daily news coverage and editorial strategy. Previously, her work has appeared in publications like Money magazine, Advertising Age, FirstPost and The Economic Times. She has also dabbled in business intelligence solutions, and holds a Masters degree in Business and Economic Reporting from NYU. Write to her at srividya@debanked.com

Category: Marketplace Lending

Home Marketplace Lending SoFi Hires Ashish Jain, Trader Sacked by Deutsche Bank Last Year