Deutsche Bank apologizes for costly mistakes

 
Deutsche Bank apologizes for costly mistakes
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Germany's largest lender, Deutsche Bank, has apologized for its costly mistakes in the past - in full-page newspaper ads - as it deals with historic legal troubles. Last week, Deutsche Bank announced a 1.4 billion euro annual loss, reports DW.

"Serious mistakes were made," reads the advertisement that ran in several German newspapers on Saturday.

In December, Deutsche Bank agreed to a $7.2 billion (6.6 billion euros) settlement with the US Justice Department over its dealings in opaque bonds based on home loans in 2005-2007. Losses on such bonds packaged and sold by major banks helped start the global financial crisis.

The lender is still facing about 7,000 separate lawsuits and regulatory cases, which analysts say could take years to resolve.

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