Tuesday, March 21, 2023
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Deutsche Bank takes out full-page ads in the newspaper to apologize for legal issues

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.



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