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.”

Deutsche Bank has said it could sell stock to shore up capital after reporting a net loss of 1.89 billion euros in the quarter ended in December. Comments by Chief Financial Officer Marcus Schenck on Thursday are the strongest indication yet that the lender is considering turning to shareholders as misconduct fines weigh on earnings.

The bank leadership will “do everything in our power to prevent these events from re-occurring,” Cryan said in the ad.

Source:
courtesy of BLOOMBERG

by Tino Andresen

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