Deutsche Bank says ‘sorry’ in full-page German newspaper ads
FRANKFURT — Deutsche Bank, Germany’s largest lender, has apologized in full-page German newspaper ads for misconduct that has cost the company billions.
The ad, signed by CEO John Cryan on behalf of the bank’s top management, ran Saturday in 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 U.S. Justice Department over its dealings in opaque bonds based on home loans in 2005-2007. Losses on such bonds packaged and sold by major banks helped start the global financial crisis.