ON THIN ICE: Deutsche Bank in DESPERATE attempt to raise cash amid fears of fresh fines
DEUTSCHE Bank’s share value has plunged, as the embattled German giant turns to investors in a desperate bid for billions of pound worth of cash, while rumours of yet more looming fines swirl.
By LANA CLEMENTS
Express.co.uk
Tue, Mar 21, 2017
The bank’s stock price was down by more than eight per cent at one point, compared to yesterday’s close, amid reports Deutsche is set to be slapped with another penalty from US regulators related to wrongdoing in the forex market.
The timing couldn’t be worse with Germany’s biggest lender today kicking off a share sale, running until April 4, that aims to raise a massive €8billion (£6.9bn) of cash to strengthen its position.
The cash call initially shocked markets, as chief executive John Cryan had previously said turning to investors to shore up its balance sheet would be a last resort for the bank.
But Deutsch has been hammered with fines, which contributed to the lender last month posting a larger than expected net loss of €1.4bn (£1.2bn) for 2016.
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