The economy’s return to pre-pandemic levels will take longer than generally anticipated, the chief of Deutsche Bank  warned on Wednesday.

The grim outlook from one of Germany’s top bankers comes as many countries in Europe and beyond see rising coronavirus infection rates and governments grapple with how to respond.

Chief Executive Officer Christian Sewing forecast that the economy would not return to normal this year or next year, and that many sectors will be running at 70%-90% capacity, with “serious consequences”.

“Many companies will have to adjust to this and manage to be profitable with longer-term lower revenues,” Sewing said at a banking conference.