FRANKFURT, Germany – Deutsche Bank has apologized in full-page newspaper ads for misconduct that has cost the company billions.
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The ad, signed by CEO John Cryan, ran Saturday 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 U.S. Justice Department over dealings in opaque bonds based on home loans in 2005-2007. Losses on such bonds helped start the global financial crisis.
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."