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Deutsche Bank purchases ads to apologize for 'serious errors'
By Tino Andresen
Bloomberg News
Sunday, February 5, 2017
Deutsche Bank AG bought full-page ads in all major German newspapers over the weekend to apologize for "serious errors" after two years of losses that cost the lender billions of euros.
Legal cases that date back many years cost the Frankfurt-based company "reputation and trust" in addition to about 5 billion euros ($5.4 billion) since John Cryan took over as chief executive officer in 2015, the ad said, blaming the "misconduct of a few" employees.
Cryan, who signed on behalf to the executive board, expressed "our deep regret" that "the conduct of the bank didn't follow our standards" in relation to the U.S. mortgage business in 2005 to 2007 and was "unacceptable." ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2017-02-05/deutsche-bank-purchas...
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