Deutsche Bank has replaced its Chief Executive Officer John Cryan with Christian Sewing, the co-head of its private banking arm. Though Sewing will take over immediately, Cryan will leave the firm at the end of April, Deutsche Bank said on Sunday.

Deutsche Bank has suffered losses for three years, and Cryan, who took over the reins in 2015, has been criticised for not being fast with pushing cost-cutting measures, according to The Guardian. Though Cryan took a pay cut in 2017, and the rest of the management board waived off their bonuses, their collective pay rose, the report added.

In a letter to employees, Sewing said the new leadership team will “take tough decisions and execute them” to ensure Germany’s biggest lender goes back to making profits.

“The priority is to leverage our strengths and to allocate our investments accordingly,” Sewing, who has been at Deutsche Bank for more than 25 years, said. “At the same time, we will look to free up capacity for growth by pulling back from those areas where we are not sufficiently profitable.”