The largest bank in Germany ran ads on full pages in 10 of the nation’s national papers over the weekend. The bank admitted that past misdeeds “not only cost us a lot of money; they have also cost us dearly in terms of reputation and trust” the Telegraph report.
The lender reported the EUR1.4bn – PS1.2bn loss in 2016 and was hit by a larger-than-expected EUR1.6bn litigation cost that was incurred during the last 3 months.
John Cryan, the bank’s British director has had to deal with a number of investigations by regulators regarding the operations of the bank since he was appointed the co-chief executive of the bank in June of 2015, and the sole boss in July of last year.
This week, the company was fined a little over PS500m from UK as well as US authorities due to lax anti-money laundering measures which allowed for $10 billion to be transferred away from Russia.
It also reached an $7.2bn settlement shortly prior to Christmas, with the US Department of Justice over allegations that it mis-sold toxic mortgage-backed securities in prior to the financial crisis.
