By Nathan Allen

Deutsche Bank AG's (DBK.XE) new chief executive said Monday that he recognizes the bank is faced with a big challenge to turn itself around, but he emphasized that the new leadership wouldn't accept missed targets.

"We have to regain our hunger for business, achieve improvements in all business divisions and set the bar higher," Christian Sewing said in his first day on the job.

Deutsche Bank, grappling with a string of full-year losses, said Sunday that it would replace John Cryan as chief executive with Mr. Sewing, the German head of its retail bank, effective immediately.

Cost setbacks, such as those seen in the fourth quarter of 2017 "are not to be repeated under any circumstances," he said.

Mr. Sewing said the bank's adjusted costs in 2018 must not exceed 23 billion euros ($28.24 billion).

The executive also said the bank will revise its internal processes in an effort to eliminate bureaucracy and duplication.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

April 09, 2018 03:07 ET (07:07 GMT)

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