After three years of struggling to restructure Deutsche Bank, and convince shareholders, analysts and even employees of their new strategy, Anshu Jain and Jürgen Fitschen handed in their resignations Sunday.
The double-CEO arrangement will be scrapped and taking the duo's place will be John Cryan, member of the bank's supervisory board and former CFO at UBS, who will share the job with Fitschen until spring next year and then head the bank solo.
Following Sunday's announcement, Deutsche Bank shares soared 7.9 percent at the open of trade in Frankfurt on Monday.
"You're going to have a lot of talking heads today speculating on what is going on. I think there are two or three lessons here – not knowing the nuances here is number one," John Studzinski, vice chairman at Blackstone Group told CNBC Europe's "Squawk Box."
"In any industry, co-head management models are incredibly challenged and often don't work. When you add the layer that this is financial services, the regulatory scrutiny, this is difficult here.".
Analysts at Credit Suisse, led by Mohamed Souidi, said the appointment of a single CEO marked a "significant change" from a corporate governance standpoint, following criticism of the co-CEO structure.
"Whilst the co-CEOs were under significant pressure following a disappointing strategy update and challenged by a portion of shareholders at the last AGM, the timing of this announcement is a surprise (only 6 weeks after the strategy update)," they said in a note Monday.
"With the personality of the new CEO being highly regarded by the market, we think this announcement could re-open the strategic debate."