Deutsche Bank's CEO John Cryan replaced by Christian Sewing

Deutsche Bank, which has been battling heavy financial losses, announced on Sunday that its chief executive officer will leave within weeks and is being replaced by a longtime executive known for his leadership skills.

The bank's supervisory board said CEO John Cryan, who took over in 2015, will leave at the end of April. It said it had appointed Christian Sewing the new CEO with immediate effect.

Deutsche Bank had confirmed late Saturday that its supervisory board would have a discussion on the CEO position. The chairman of the supervisory board, Paul Achleitner, said Sewing, in his more than 25 years at Deutsche Bank, had "proven himself a strong and disciplined...