Deutsche Bank sets sights on €8bn in capital hike
Deutsche plans to launch an 8 billion euro ($8.5 billion) rights issue of 687.5 million new shares on March 21, priced at around a 39 percent discount to Friday's closing price of 19.14 euros.
Deutsche Bank says it is planning a capital increase to raise 8 billion euros ($8.45 billion).
As part of the restructuring, the firm announced that it intends to dispose of its Deustche Asset Management business.
The lender's corporate finance, global markets and global transaction banking will unify into the corporate and investment bank, pivoting away from hedge fund clients towards Europe's biggest companies.
Deutsche Bank CEO John Cryan spoke on a call to journalists, according to Reuters, indicating that "it's obvious we had a change of heart" when it comes to overall strategy.
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Those measures mean the bank will have just three business divisions going forward: a private and commercial bank focused on Germany, a corporate and investment bank, and its asset management business.
Pascal Boillat, who joined the corporate and investment bank in 2016 as CIO and head of operations operations, will take on a newly-created Group CIO role with immediate effect.
Meanwhile, renewed political uncertainty weighed on sentiment on Wall Street.
Cryan's aim when taking over the top job at the Frankfurt-based bank was to preserve capital by cutting costs, employee bonuses and putting an end to dividend distribution: but it wasn't enough.
Best time to invest in stock market is when things are on odd side, and it's not easy how to pick stocks. A stake sale would allow the lender to hold on to a business that Deutsche Bank officials including Mr. Cryan have praised as an important part of the bank.
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"In comparison to rivals, Deutsche Bank is poorly capitalised". It expects €2 billion of severance and restructuring costs, most of which will come over the next two years.
At a board meeting yesterday (5 March), Deutsche Bank chose to react to its €1.4 billion loss previous year by issuing almost 700 million new shares and selling some of its assets.
Paul Achleitner, chairman of Deutsche Bank's supervisory board, said: "After the hard restructuring of recent years, the Supervisory Board is convinced that these strategic, financial and personnel measures provide a firm foundation for sustainable growth".
Leverage Ratio Target: Deutsche Bank reduced its leverage ratio target figure from above 5% to 4.5%.
However, the capital raising would undoubtedly dilute the shareholder's wealth.
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Mar 03 2017