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