Deutsche Bank has taken out full-page newspaper adverts in its home country to apologise for the damage caused by recent litigation, the result of which was a $1.5 billion-blow to its 2016 balance sheet.
Deutsche Bank has taken out full-page adverts in 10 national German newspapers to apologise for the damage caused by its ongoing legal issues, which last week helped propel Germany's largest lender to its second consecutive annual loss.
The Frankfurt-headquartered bank took out full-page advertisement slots over the weekend, admitting that its past misconduct – which recently culminated in fines totalling more than $7 billion - “not only cost us a lot of money; they have also cost us dearly in terms of reputation and trust”.
The move came after Deutsche Bank posted a €1.4 billion ($1.5 billion) loss for 2016, hurt by the costs of turnaround efforts and colossal litigation fees. The loss for 2016 was, however, considerably less than for a year earlier.
In 2015, Deutsche Bank chief executive John Cryan said the bank was terminating 9,000 jobs as part of an effort to drive profits and capital up.
Earlier this week, WealthBriefing reported that the banking behemoth will slash the headcount at its trading unit as it seeks to restore profit margins and soften the blow dealt to its balance sheet by a plethora of regulatory penalties.
Deutsche Bank is yet to outline exactly how the job cuts will be divided across each of its divisions. However, management board member Christian Sewing last week reportedly said that 4,000 of the cuts would be in Germany, with the majority at the private, wealth and commercial clients unit, which he oversees.
Last month, the firm's management board announced it would waive its own bonuses for 2016, a sign that the bank is attempting to recoup profits from every possible angle.