Deutsche Bank co-chief executive Anshu Jain raised the possibility that Germany's flagship lender may raise capital if measures to build a financial safety cushion by shedding risky assets and putting aside profits did not suffice.

Nonetheless the bank would seek to avoid reaching out to shareholders for extra cash, Jain said.

"We have been very consistent. We have said we do not believe it is in our shareholders' best interests. We have shown that we are willing to take pain," Jain explained, referring to the write-downs in the fourth quarter.

"This said, clearly, it is a very uncertain world. There is a plan B. We will not rule out any option that is in the best interest of Deutsche Bank."

(Reporting By Edward Taylor Arno Schuetze and Jonathan Gould)