Deutsche Bank Chief Apologizes for Lender’s Past Misconduct
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From left: Deutsche Bank’s chief financial officer, Marcus Schenck; chief regulatory officer, Sylvie Matherat; chief executive, John Cryan; and Christian Sewing, head of private, wealth and commercial clients, at the news conference on Thursday in Frankfurt. CreditTorsten Silz/European Pressphoto Agency
FRANKFURT — The chief executive of Deutsche Bank apologized in especially contrite terms on Thursday for the long list of misdeeds that tarnished the German lender’s reputation and cost it billions of euros in fines and settlements, adding that bonuses of top managers would be cut.
The unusually strong expression of humility, which came as the bank disclosed a quarterly loss of 1.9 billion euros, or $2 billion, reflected the tone that John Cryan, the chief executive, has tried to set since taking over in July 2015. His comments at a news conference signaled another step away from the aggressive risk-taking that was part of the lender’s attempt to keep pace with American investment banking titans like Goldman Sachs and JPMorgan Chase…
Deutsche Bank Chief Apologizes for Lender’s Past Misconduct
