“Of course, we will have to change parts of the rules … in order to prevent a repetition of such a crisis,” Mr Ackermann told Der Spiegel, a German news weekly.

He said that banks are the most regulated business. Pre-credit crunch, he added, there were only a few parts of this business, mainly the US real estate financing, where there were too few regulations, which have led to the problems that have affected the entire financial system.

“However, in the end, it does not depend on the quantity but the quality of regulation. Putting good rules in place – rules that leave enough space for the good sides of competition while also preferably turning off the negative aspects, especially preventing competition from turning ruinous – that is the role of the state,” he told the publication.

Mr Ackermann said that he understands that governments do not want to bail out banks with taxpayers’ money again: “We need to make sure that banks can, in future, quit the market without affecting the entire economy.”

The best way to reform the industry now is through an intensive dialogue between the regulators and the banks, he believes.

Mr Ackermann also defended bonuses, saying that if a bank wants to be one of the best, it needs the best employees, and it will only get the best employees if it pays what the market demands. He said that his institution pays bonuses partly in shares, thereby connecting them to the long-term development of the firm.

Deutsche Bank, he added, is also working on a penalty system, or malus system, which, if introduced, could mean that it is possible for managers to lose their bonus again.