If you thought working at Deutsche Bank was rough (and it really is terrible), just imagine the dull ache of everyday German citizens forced to reckon with the generalized shame caused by the bank that is quite literally synonymous with your nation.
After years of bad results, losses and now multi-billion dollar fines, Deutsche CEO Cryan apprently looked out at Germany, saw a nation already filled with weltschmerz over its role in a fragile Eurozone, realized that his bank has only made things more stressful for Germans and decided to take the most dramatic step a Central European banker can make; He wrote letters and published them in newspapers...
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.
Ah, blaming the few for the crimes of many. In America, we call that move "The Stumpfy." And by the way, what is German for "cross-selling?" Also, are we not going to talk about the Russian money laundering thing?
Cryan, who signed on behalf of the executive board, expressed “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.” That was also the case in other matters, he wrote...
Cryan, who signed on behalf of the executive board, expressed “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.” That was also the case in other matters, he wrote.
It takes a big man to say sorry, so we tip our cap to Cryan. But we do find it a little incongruous that Deutsche can put on its big boy pants to apologize to the German people but can't help from blocking snarky finance bloggers on Twitter like a butthurt Teutonic tween.