February 4, 2017 11:38:26 pm
Deutsche Bank has apologised in full-page newspaper ads for misconduct that has cost the company billions. The ad, signed by CEO John Cryan, ran today in German newspapers including the Frankfurter Allgemeine Zeitung and the Munich-based Sueddeutsche Zeitung. The bank said its past conduct “not only cost us money, but also our reputation and trust.” In December, Deutsche Bank agreed to a $7.2 billion settlement with the US Justice Department over dealings in opaque bonds based on home loans in 2005-2007. Losses on such bonds helped start the global financial crisis.
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Other misconduct cases included rigging interest benchmarks and money-laundering violations involving Russia.
The ad said “we in the management committee and bank leadership as a whole will do everything in our power to keep such cases from happening again.”
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