Deutsche Bank Buys Ads to Apologize for ‘Serious Errors’
- CEO Cryan signs ad, expressing ‘our deep regret’ for conduct
- Ad in German newspapers blamed ‘misconduct of a few’ workers
Deutsche Bank Ads Apologize for 'Serious Errors'
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Deutsche Bank AG bought full-page ads in all major German newspapers over the weekend to apologize for “serious errors” after misconduct costs helped tip the company into two years of losses.
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 July 2015, the CEO said in the ad, blaming the “misconduct of a few” employees.