LONDON (Reuters) - Germany's struggling economy needs urgent action to boost its competitiveness, Deutsche Bank's CEO said on Wednesday, calling for structural reforms, reduced regulations and lower taxes on companies.

"Germany needs to adjust its business model," Christian Sewing told the FT Global Banking Summit in London. "It is urgent we take action," he said, flagging a likelihood for further job losses in Germany's auto industry and adding that a snap election in February would provide opportunity for a reset.

(Reporting by Tommy Reggiori Wilkes, editing by Sinead Cruise)