We propose to calculate spectral functions of quantum impurity models using the time evolving block decimation (TEBD) for matrix product states. The resolution of the spectral function is improved by a so-called linear prediction approach. We apply the method as an impurity solver within the dynamical mean-field theory (DMFT) for the single- and two-band Hubbard model on the Bethe lattice. For the single-band model, we observe sharp features at the inner edges of the Hubbard bands. A finite-size scaling shows that they remain present in the thermodynamic limit. We analyze the real time-dependence of the double occupation after adding a single electron and observe oscillations at the same energy as the sharp feature in the Hubbard band, indicating a long-lived coherent superposition of states that correspond to the Kondo peak and the side peaks. For a two-band Hubbard model, we observe an even richer structure in the Hubbard bands, which cannot be related to a multiplet structure of the impurity, in addition to sharp excitations at the band edges of a type similar to the single-band case.