Deutsche Bank takes out full-page newspaper adverts to apologise for legal woes

Deutsche Bank

Germany’s biggest bank took out full-page adverts in 10 of the country’s national newspapers over the weekend, in which it admitted that its past misconduct “not only cost us a lot of money; they have also cost us dearly in terms of reputation and trust” the Telegraph reports.

It came after the lender posted a €1.4bn – £1.2bn, loss for 2016, hurt by a bigger-than-expected €1.6bn litigation charge it took in the final three months of the year.

John Cryan, the bank’s British boss, has had to deal with a series of regulatory investigations into the company’s operations since he became its co-chief executive in June 2015, and sole boss last year.

Last week, the firm was fined just over £500m by UK and US authorities for lax anti-money laundering controls that allowed $10bn to be moved out of Russia.

It also agreed to a $7.2bn settlement just before Christmas with the US Department of Justice over claims it mis-sold toxic mortgage-backed securities in the run-up to the financial crisis.