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In a surprise move, India-born Anshu Jain today resigned as the co-CEO of Germany's biggest bank, Deutsche Bank, making way for former UBS banker John Cryan who will serve as the co-CEO, and will become the "sole CEO" after May 19.
Jain is the second Indian to resign from a global bank after Vikram Pandit who stepped down as the CEO of Citigroup in 2012.
He is also the second Indian to quit a German industry giant after reaching one of the top spots in the leadership ladder after Infosys CEO Vishal Sikka, who resigned as the executive board member of the software major SAP in 2014.
The Germany-based bank today appointed former Cryan as the co-chief executive officer, effective next month.
"The appointment of Cryan as co-CEO follows the decision of Fitschen (66) and Jain (52), co-CEOs, to step down early from their roles," Deutsche Bank said in a statement.
Jain, who will step down on June 30, will remain as a consultant with Deutsche Bank.
The supervisory board has asked Fitschen to remain in his current role until the conclusion of the Annual General Meeting on May 19, 2016, to help ensure a smooth transition, it said.
Jain said: "It has been 20 years since I came to work at Deutsche Bank and it has been an extraordinary time. Over the past three years, I have been afforded the privilege and honour to lead this great institution together with Jurgen.
"In our time as the bank's leaders, we have boosted capital, reduced exposures and risk and invested significantly in technology, control and compliance capabilities.
"I believe that with Strategy 2020 in place, which puts the bank's future on a strong track, it is right for the bank and for me to have new leadership at this time. I will be forever honoured to have served here and I am convinced that the future of the bank is bright and in very good hands," he added.
