UPDATE: This article, originally published at 9:12 p.m. on Sunday, June 7, 2015, has been updated with information on recent Deutsche Bank fines and investor discontent with management.
NEW YORK (TheStreet) -- Deutsche Bank (DB) appointed John Cryan, the finance chief who helped rival UBS navigate the financial crisis and its aftermath, as chief executive officer on Sunday after the German bank's co-CEOS decided to leave their posts early.
Jurgen Fitschen, 66, and Anshu Jain, 52, were contracted to lead the bank through March 2017 but offered their resignations amid investor dissatisfaction with the bank's performance and a string of regulatory fines. Jain will step down on June 30, the bank said in a statement.
Fitschen will continue as co-CEO through the company's general meeting on May 19, 2016, to "ensure a smooth transition," Deutsche Bank said. Cryan will also serve as co-CEO during that period, starting July 1, and hold the role by himself after Fitschen's departure.
"Their decision to step down early demonstrates impressively their attitude of putting the bank's interests ahead of their own," Paul Achleitner, chairman of Deutsche Bank's supervisory board, said in the statement.
Cryan, a graduate of the University of Cambridge, has been a member of Deutsche Bank's supervisory board since 2013, where he served as chairman of the audit committee and a member of the risk committee. He was president of the European division of Temasek, the Singaporean investment company from 2012 to 2014 and chief financial officer for UBS (UBS) from 2008 to 2011, Deutsche Bank said.