Deutsche Bank completes $8.5 billion cash-raising exercise

FRANKFURT – Germany’s struggling Deutsche Bank says it has completed its effort to raise 8 billion euros ($8.5 billion) from investors through the sale of new shares.

The Frankfurt-headquartered bank said in a statement Friday that the transaction strengthened its capital and leverage ratios, two measures of financial resilience. Its Common Equity Tier 1 capital ratio of 11.8 per cent at the end of last year would have been 14.1 per cent with the proceeds from the capital increase.

The sale is part of a painful restructuring effort by CEO John Cryan as the bank struggles with weak earnings, a low interest rate environment, and penalties from investigations into past misconduct. The bank has shed employees, dumped risky investments, cut costs, and closed its business in some countries.