Deutsche Bank MELTDOWN: Shares plunge as bank tries to raise £6.9BILLION in call for cash
DEUTSCHE Bank shares have dived by six per cent after it announced a shock share sale aimed at raising €8billion (£6.9bn) of cash in a desperate bid to shore up the German giant.
By LANA CLEMENTS
Express.co.uk
Mon, Mar 6, 2017
The chief executive John Cryan previously said such a move would be a last resort for the bank.
Now Germany’s largest lender wants to raise the extra capital amid reports of more legal issues, which could lead to more big fines for the troubled firm.
It is the fourth time the bank has had to turn to investors for extra cash since 2010 and suggests Mr Cryan’s previous plans to save the bank have failed.
Since taking the lead at the bank almost two years ago, the boss has tried to slash costs for the bank by cutting thousands of jobs as well as bonuses for its workers, on top of selling off parts of the business.
Mr Cryan said: “On strategy, it’s obvious we had a change of heart.
“These measures will make Deutsche Bank stronger and place us back firmly on a path to sustainable growth.”
The chief executive told Bloomberg he is now “confident about the future”.
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