Deutsche Bank has appointed John Cryan, a member of Deutsche Bank’s Supervisory Board, as its new co-CEO, through an emergency meeting after the bank’s co-CEOs Anshu Jain and Juergen Fitschen offered to resign.

Jain, a longtime investment-banking executive, will depart from the bank on 30 June 2015 while Fitschen will step down after Deutsche Bank’s annual shareholder meeting in May 2016.

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The joint resignations come as the Frankfurt-headquartered bank seek to restore an image tarnished by a raft of regulatory and legal problems which include probes into alleged manipulation of benchmark interest rates, mis-selling of derivatives, tax evasion and money laundering.

Cryan, who served the Singaporean investment company Temasek as the president for Europe from 2012 to 2014, will adorn his new role on 1 July 2015 replacing Jain.

Previously, Cryan has been associated with UBS as its CFO from 2008 to 2011 and worked in corporate finance and various client advisory roles at UBS and SG Warburg since 1987.

Deutsche Bank Supervisory Board chairman Paul Achleitner said: "On behalf of the Supervisory Board, I would like to express our gratitude and respect for the contributions that Jürgen and Anshu have made to our bank.

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"Their decision to step down early demonstrates impressively their attitude of putting the bank’s interests ahead of their own.

"We are pleased to have appointed John Cryan as Co-Chief Executive Officer. John is not only a seasoned banker with extensive experience in financial matters but also espouses the professional and personal values required to advance Deutsche Bank and Strategy 2020."