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UPDATE 1-Deutsche Bank begins CEO search as it runs out of quick fixes - sources

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FRANKFURT, March 27 (Reuters) - Deutsche Bank has begun the search for a new chief executive, two people familiar with the matter said on Tuesday, as investors grow frustrated with the slow turnaround of the loss-making German lender.

Paul Achleitner, chairman of the board, has initiated a search to replace John Cryan, the British chief executive officer who has been in office less than three years, the people said on condition of anonymity.

A separate senior official cautioned that there was little the bank could do to quickly improve sentiment.

"We cannot cut costs short term without sacrificing revenue going forward," the banker said on condition of anonymity.

"What we are working on is changing long-term processes. That's a real way to cut costs, but this takes time."

The CEO search, which is in the early stages, and the call for patience come after a flurry of negative headlines for the bank in recent weeks. The bank said its loss in 2017 was larger than initially reported, and it warned about headwinds in the first quarter.

The Times newspaper reported on Monday that Deutsche Bank was seeking to replace Cryan amid an intensified boardroom row over the bank's future and alarm at its performance.

(Additional reporting by Edward Taylor Editing by Arno Schuetze/Keith Weir)