Deutsche Bank plans $8.45 billion capital increase
These steps depend on market conditions and the approval of Deutsche Bank's management and supervisory boards, the German flagship lender said, adding that no decision had been made on the matter yet. Deutsche Bank has posted more than €8 billion of net losses in the past two years as Mr Cryan, who took over in 2015, settled misconduct investigations and scaled back capital-intensive debt-trading businesses. "The Bank intends to continue serving the needs of its clients across transaction banking, corporate finance, capital markets, asset management, wealth management and retail banking".
The lender also plans to reduce its annual severance and restructuring costs from $25.6 billion to about $22.3 billion in 2021 when it plans to implement all measures of its restructuring plan. The company has tried to sell the Postbank business since spring 2015.
In an interview seven weeks ago with CNBC, Cryan said that hiking capital was not the best option to improve its financial situation. "The sale of a minority stake in the asset management is something in the right direction", the source said.
As well as the capital increase, Deutsche plans to retain subsidiary Postbank - long slated to be sold off - and partially float its Deutsche Asset Management unit.
While litigation costs and writedowns on past acquisitions have weighed on Deutsche Bank's earnings, it has also fallen behind its Wall Street rivals, lagging their strong fourth quarter rebound in bond trading for instance.
However the $7.2 billion settlement it reached with the U.S. Department of Justice in December for selling toxic mortgage backed securities and its struggling markets business meant Deutsche Bank needed more radical action to bolster its balance sheet.
Deutsche Bank declined to comment. The measure stood at 11.9 per cent at the end of 2016, shy of the then-target of 12.5 per cent for the end of 2018.
The combined business would have more than 20 million customers with planned savings of $23 billion by 2018.
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