Deutsche Bank (DB) is planning to raise €8 billion ($8.5 billion) in capital in its most recent attempt to shore up a continually struggling balance sheet.

Germany's largest investment bank has faced years of losses as a result of several fines, lower revenue, negative interest rates in Europe and greater competition in emerging markets. The bank has faced these challenges by focusing on raising capital, lowering headcount and developing a new business strategy to find profitability after years of losses.

Its most recent effort is to raise capital that the bank hopes will "raise Detusche Bank's financial strength to a new level," the bank said in a statement. DB management believes the move will raise the bank's Common Equity Tier 1 ratio to 14.1 percent while bringing its leverage ratio down to around 4.1 percent as of Dec. 31, 2016. Asset disposals and a new issuance of a minority interest in Deutsche Asset Management are expected to raise a further €2 billion in assets.

Deutsche Bank hopes these efforts will help the firm focus on developing three core strengths in private banking, asset management and corporate banking. Management said it hopes to make a private and commercial bank "that will be the clear market leader in Germany as measured by number of clients." Deutsche Bank plans to incorporate two sections of its operations into the new private bank. "Postbank, Deutsche Bank’s international Private & Commercial Clients business and the global Wealth Management business will be part of this division," the statement explained.

The bank's future plans also involve a continued focus on domestic dominance rather than global expansion. "Additionally, Deutsche Bank will align certain parts of its technology and other overhead functions to its business divisions to increase accountability and reduce costs. Further synergies are planned within the new divisions, mainly from the German retail and commercial business and the integrated Corporate & Investment Bank," the bank said.

"Our decisions are a significant step forward on the path to creating a simpler, stronger and growing bank. The capital increase will reinforce our financial strength substantially. The new three-pillar structure of our operating business should position us for significant growth, both in revenues and earnings,” said CEO John Cryan on the plans.