Cryan has failed to stem the bank's ongoing losses, is to step down from his role with immediate effect.
Deutsche Bank says its new chief executive officer "has proven himself a strong and disciplined leader" in his more than 25 years there.
Deutsche Bank has been weighing a few options for a new CEO, even approaching Goldman Sachs worldwide chief Richard Gnodde to ask if he would be interested in taking the helm, CNBC reported last month.
Deutsche Bank announced the decision after an emergency board meeting, called by Mr Achleitner, to discuss succession on Sunday. "However, following a comprehensive analysis we came to the conclusion that we need a new execution dynamic in the leadership of our bank".
Mr Cryan will leave Deutsche Bank at the end of the month.
The bank's supervisory board thanks Cryan for his relatively brief tenure as CEO.
Sewing, who has spent his entire career at Deutsche Bank, is now Yorkshireman Cryan's co-deputy, along with fellow German Marcus Schenck. On during the last trading session the stock decreased $0.45 or 3.14%, reaching $13.87.Currently Deutsche Bank Aktiengesellschaft is downtrending after 18.76% change in last April 8, 2017.
Rumors that Cryan might be replaced after three years of losses had swirled for weeks.
"Markus Riesselmann, an analyst at Independent Research, told the AFP news agency: "[Mr Cryan] had to battle serious problems that his predecessors swept under the rug for years.
News weekly Der Spiegel and business newspaper Handelsblatt said the bank would tap Christian Sewing, 47, now a deputy CEO and head of private banking, to take over in May from Cryan, who has been at the helm since 2015.
Officials for Deutsche Bank declined to comment. But I doubt a new CEO could successfully make that transition.
Sewing was tasked with helping to run a new private and commercial banking unit, as well as corporate clients and wealth management. "We trust in the great ability of this bank and its many talents". Just over a year ago he named Marcus Schenck and Sewing deputy co-CEOs as part of the company's latest strategy overhaul.