The embattled co-chief executives of Deutsche Bank announced their resignations on Sunday, an abrupt move that throws into question the future direction of one of the world’s largest banks.

Anshu Jain, a longtime trader and investment banker, plans to step down at the end of June. The other co-CEO, Jürgen Fitschen, plans to leave after Deutsche Bank's annual shareholder meeting next May. They will be replaced by John Cryan, a former UBS finance chief.