Germany's Commerzbank said today it will launch a €1bn capitalraising and pay more of its staff in shares instead of cash. The German bank has just over four months to find €1.8bn and meet strict capital requirements set out by the European Banking Authority.

In its 2011 results released today, Commerzbank reported a 63% fall in operating profits to €507m on the back of "massive charges resulting from the European sovereign debt crisis".