Christian Sewing, the chief executive of Deutsche Bank, said that consolidation in the European banking sector "needs to happen" and wouldn't rule the German lender out of any possible merger next year.

The bank has been "laser-focused" on its transformation, Sewing told Bloomberg in an interview. The bank's overhaul will eventually see cuts of around 18,000 jobs. He added that Covid-19 had accelerated the need for tie ups within the banking sector.