Deutsche Bank CEO admits turnaround plan is a flop
John Cryan, head of Germany's largest lender, initiates US$8.5b share sale to salvage 17-month failed effort
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Frankfurt
DEUTSCHE Bank AG chief executive officer John Cryan tore up his own turnaround plan in an admission that the 17-month-old effort had flopped.
Germany's largest bank late on Sunday approved measures - most crucially, plans to raise about US$8.5 billion in a share sale - that effectively restarted what has already been the most turbulent transformation in its recent history.
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