Deutsche Bank CEO reverses course with overhaul to raise capital

Cryan had unsuccessfully sought to sell Postbank to avoid tapping shareholders for extra cash

Deutsche Bank AG Chief Executive Officer John Cryan is reversing course less than two years into his new strategy, announcing an overhaul that includes offering €8 billion ($8.5 billion) in stock, selling part of the asset management business and reintegrating Postbank.

“It’s a positive step forward that we take the brave step of admitting we were going in the wrong direction,” Cryan said on Sunday. The CEO named two deputies to help him implement the shift, which he said he intends to see through to fruition. “I don’t intend to go anywhere.”

Germany’s largest lender will keep the Postbank consumer division and