Just weeks after a sweeping strategic review at Deutsche Bank, which was designed to set the bank on a fresh course and boost a weak share price, the bank’s co-chief executives have resigned.

Jürgen Fitschen, 66, and Anshu Jain, 52, will be replaced by John Cryan, 54, the former finance chief at UBS, who subsequently worked as a senior executive at Singapore's Temasek. Jain, who joined Deutsche Bank for 20 years this month, will go on June 30 and remain a consultant until January 2016. Fitschen will go in May next year.