In Germany, Deutsche Bank is asking for forgiveness to the entire page – Deutsche Welle

This Saturday (4.2.2017), the largest bank in Germany, Deutsche Bank, published full page advertisements in several daily newspapers of the country with the following text: “Since I took office as president of the Deutsche Bank for a year and a half, we have had to allocate about 5,000 million euros to legal disputes dating back in part of

for many years. (…) We want to apologize for it. Committed serious errors". The message bears the signature of the highest authority of that entity, the british John Cryan; in fact, it is a transcript of the speech articulated by Cryan last Thursday (2.2.2017), when he presented the balance of 2016.

The act of contrition of the Deutsche Bank revolves around fouls that cost the bank your money, your reputation and the trust of its customers, said Cryan. “Surely there will be even more litigation that will have a negative impact on our results; but we give our main court cases by completed", indicated in the notices of the press paid. Deutsche Bank lost in the past year to 1,400 million euros, after recording losses record of 6,800 million euros in 2015 as a result of a series of litigation and recovery plan radical.

Deutsche Bank recently reached an agreement with the authorities of the united States by the business that made with sub-prime mortgages u.s. before the financial crisis of 2008. Also paid fines in the united States and the United Kingdom due to a scandal of money-laundering, and by the deliberate manipulation of the value of the Libor rate, a reference in the foreign exchange markets. These scandals court had a direct impact on their area of business

The situation of uncertainty that was experienced in the markets in October 2016, on the eve of the Justice Department of the united States announced a fine millionaire to the entity, led to the shares of the company to suffer its biggest historic drop in the Stock market. To cope with the losses the bank announced in 2016, the suppression of 9,000 jobs around the world until the year 2018, as well as the withdrawal of ten markets, among them, several Latin american countries. In Germany, they also proceeded to reduce the number of subsidiaries, of 723 to 525. (dpa)