Deutsche Bank sees 2017 revenue staying "broadly flat"

|About: Deutsche Bank AG (DB)|By:, SA News Editor

Deutsche Bank (DB -2.6%) is lower after announcing plans for a €8B ($8.6B) capital raise in which it will issue 687.5M shares at €11.65 ($12.51) each, marking a 35% discount compared to Friday's closing price.

Citibank analysts say the share issue implies shareholders will see the book value of their shares diluted by 23%.

In its 2016 annual report, DB also says it posted a €1.4B net loss for the full year and expects 2017 revenue growth to come in broadly flat, an outlook that analysts including Andrew Coombs at Citigroup say appears “cautious.”

DB also confirms it cut bonuses paid to staff by 80% last year to €546M ($588.2M) at constant currencies from €2.4B in 2015.