Deutsche Bank increased its target for revenues in its investment bank, after the Covid-19 pandemic has helped bolster performance in a division hit by deep job cuts over the past year.

The German lender's investment bank is now on course to make €8.5bn in 2022, the bank's chief executive Christian Sewing said in a presentation accompanying the bank's annual investor day. Previously, the bank had set out a target of 2% annual growth, which would have translated to €7.9bn in two years' time.