Deutsche Bank chief executive John Cryan has called for more mergers among European banks, but denied speculation that the lender plans to pursue a tie-up with smaller German rival Commerzbank.

Cryan, speaking at a Frankfurt financial conference on August 31, said European banks face a "fundamental dilemma" rooted in too much competition, economic headwinds and broadly lower profits. Banks are less risky than before the financial crisis but "far less profitable," he said.