Deutsche Bank co-chief executives resign

Deutsche Bank’s co-chief executives, Anshu Jain and Jurgen Fitschen, announced their resignations Sunday.

According to the New York Times, Jain will be replaced by John Cryan, a former high-ranking executive of Swiss bank UBS. Fitschen will stay on another step but will step down before his contract ends in 2017.

While Deutsche Bank, Germany’s largest bank, has the biggest investment bank not based in the United States, some analysts say it can no longer compete at the same level in an age when regulators are cracking down on banks’ use of borrowed money to do business. The world’s five largest investment banks by revenue are based in the United States; Deutsche Bank is No. 6.

Read more from the New York Times.