Deutsche Bank says 'sorry' in full-page German newspaper ads

Markets Associated Press

An apology for the bank's misbehaviours signed by the CEO of Deutsche Bank John Cryan is published as a newspaper ad in a big German paper in Frankfurt, Germany, Saturday, Feb. 4, 2017. (AP Photo/Michael Probst) (The Associated Press)

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."