Deutsche Bank CEO apologises for 'serious errors'

Frankfurt

THE chief executive of Deutsche Bank apologised 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 (S$2.9 billion), reflected the tone that John Cryan, the chief executive, has tried to set since taking over in July 2015.