Deutsche Bank Takes Out Full-Page Ad To Apologize For Its Market-Rigging Misconduct

Tyler Durden's picture

Deutsche Bank took out full-page ads in Germany's Frankfurter Allgemeine Zeitung and Sueddeutsche Zeitung on Saturday, in which the country's biggest lender apologized for (getting caught) engaging in market manipulation and misconduct that has cost the company billions. In the ad, signed by CEO John Cryan on behalf of the bank's top management,the bank said its past conduct "not only cost us money, but also our reputation and trust."

The ad said "we in the management committee and bank leadership as a whole will do everything in our power to keep such cases from happening again."

While Deutsche Bank's transgressions culminated most recently with a December $7.2 billion settlement with the U.S. Justice Department over its RMBS dealings in the years leading up to the financial crisis, other "misconduct" cases have included rigging Libor, the precious metals market, as well as money-laundering violations involving trades Russia.

As reported last Thursday, Deutsche Bank reported a larger than expected €1.9 billion Q4 loss, driven by ongoing legal settlements costs, declining equity-trading revenue and surging client redemptions from its asset management business. Cryan also offered an extensive apology at the news conference.

Deutsche Bank is in the midst of a wrenching restructuring, cutting costs and shedding riskier assets to meet tougher regulation aimed at preventing another financial crisis. In the latest aftershock from the relentless litigation against the bank, Deutsche Bank reportedly was set to announce layoffs of as much as 17% of staff in its equities unit and reduce fixed-income headcount by as much as 6%, while scrapping 2016 bonuses for as many as 90% of bankers.

Of course, the best gauge of whether Deutsche has "learned its lesson", is to watch its actions in the coming months. With a repeal of the Volcker Rule looking increasingly likely under Donald Trump, the largest German bank may find it difficult not to engage in the same prop trading behavior that got it in serious trouble during the financial crisis.

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VWAndy's picture

 Why are these crooks still doing buis on US soil?

remain calm's picture

Fuck off, you are still going to cheat. How do I know? It's part of your DNA

macholatte's picture


The ad said "we in the management committee and bank leadership as a whole will do everything in our power to keep such cases from happening again."

Does that mean
a)  "we in the management committee and bank leadership as a whole will do everything in our power to AMEND OUR BEHAVIOR TO OBEY THE LAW AND THEREBY keep such cases from happening again." ?

b) "we in the management committee and bank leadership as a whole will do everything in our power to AMEND OUR BEHAVIOR TO KEEP FROM GETTING CAUGHT AND THEREBY keep such cases from happening again." ?


Bra ha ha ha

VWAndy's picture

 Yep I caught that weasel wording also. Man I hate lawyers!

apadictionary's picture

you should be asking why are the wall street crooks doing business on US soil

Mr. Universe's picture

Someone should take a nailgun and post their apology at the home office.

VWAndy's picture

 If you are ever ready to walk away from that industry. Look me up.

JRobby's picture

The absence of any prosecution trickles down into society and corrupts it. This is what we have 8+ years later. The message that it is ok to manipulate, steal and get paid handsomely for it.

Lawlessness and Anger.

Why do you think all these crooks have offshore hideouts now?


VWAndy's picture

 I would say its a hundred years later. But yes thats how its worked out. Cops took more then the street thieves last few years.

run boy's picture
run boy (not verified) JRobby Feb 5, 2017 3:43 PM

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do,...

Zorba's idea's picture

Calling "Prescott" to the rescue...clean up in aisle 666

BabaLooey's picture


Wish I could...


Then a fine, which was minuscule in size to THE CRIME I DID...

Then write some OBTUSE, lawyer wordsmithed apology to kinda have the people I stole from, read....

....and then be "free".


Yukon Cornholius's picture

Now that Dodd-Frank has been repealed and Glass-Stegal is nowhere in sight, the mass raping of the money system can continue in earnest.


GreatUncle's picture

Standard thief policy, apologize when caught and just keep stealing.

No repayment to all those who lost out during the manipulation neither!


scraping_by's picture

In the early years of the 20th century, the cops knew all the burglars. A crime victim could contact a detective, who would negotiate with the burglar, and the victim would get some or all of his property back, minus the cop's cut. In the decriminalized Washington world, the cop still gets a cut but the victim doesn't even get a portion back. Just as corrupt, not as fair.

cowdiddly's picture

Because they fit right in?..... just a guess.

PontifexMaximus's picture

Because the US based inv bankers get the best paycheck and, if I'm not wrong, they are a primary dealer, so ask the FED

Raffie's picture

This is a total smoke screen to SUCKER in investors.

Look humble and the money will return is the mind set.

PlayMoney's picture

Odds the PM markets get hit tonight, about the usual 2 - 2:30 a.m. time? And DB will be in on it? Their fine was rediculous, what would amount to me paying for a hamburger. .gov won't do much to any of them because its a source of revenue for them also with fines. Bastards all the way around.

Giant Meteor's picture

Yeah, yeah, apology .. things are getting desperate. Fuck you! Pay me!

edit; somewhat reminiscent of the BP apology ...

We're really "sorry" that mistakes were made," ... translation, it's a real bitch that we were caught and all but there it is ... sorry about the massive corruption and global meltdown thing ...

"not only cost us money, but also our reputation and trust."  ... translation, well, it didn't really cost US money, I mean it did cost some people money, but I'm going to be fine. I just figured I'd throw in the obligatory, yet laughable bit about, "trust" and "reputation" cuz that's important and stuff ..

GreatUncle's picture

Hmmmm ... must make sure all apologies are done before the house of cards collapses otherwise they may hang me. Must instill into the minds of popularists that I have actually paid for my crime and apologized realising I did them harm.

Nope didn't work, rope, lampost please.

Giant Meteor's picture

On a much smaller scale, once upon a time, in a little town where I grew up, a local business man, became  instrumental in the planned destruction of a once thriving business district. Old buildings bulldozed, the entire "business district" leveled into a gaping, souless hole.

The idea sold to the town folk was, newer, state of the art buildings, were to be built, complete with architectural renderings, to replace those old majestic brick structures, which had always given the town it's charm and character. Long story short, back in the 70's when interest rates skyrocked, oil shocks etc. nothing got rebuilt.

The once thriving downtown of my youth remained a desolate "parking lot" with no business, zero draw, and became just another slow northeast rustbelt casualty, sad, depressed, full of despair and everything that goes with that. It was a great lament of the local town folk for many a year, as things became increasingly more desperate and depressed.

Long story short, the business owner previously referenced, who ended up with prime real estate for his small business, a gas station of all things, and one of the few businesses left, took out a full page ad, 30 years later, with his apology. One man, in on the caper, blew his brains out, shortly after the deal had been done. Yeah, mistakes were made ....

Sometimes, "I'm sorry," just ain't good enough ... And these so called "fines" ? Just more ill gotten gains, the vig to the vig, to go back into the memory hole. Fuck that and fuck them ... Let out all non violent "drug offenders" and start locking these fuckers up.

It is the ONLY right thing to do and the ONLY path to truth and reconcilliation ..

order66's picture

Just another day at the office for Douche Bank.

Cruel Joke's picture

Our goals are a Deutsche Bank that... trusted by its clients. true to its heritage and responsibilities.

...attracts and inspires people who share our values.

...creates first-class solutions for its clients.

...and delivers sustainable profits.


In short, we want to be a bank that contributes to economic growth and to the community. A bank that can generate a positive impact – for its clients, employees, investors and society.


Yours sincerely,

John Cryan

On behalf of the Management Board of Deutsche Bank


Vagina hat is in the mail, John. It will fit nicely with your vagina costume.

bluskyes's picture

True to its heritage? Are they re-opening the gold tooth window?

beaker's picture

Ja! "Meet the Fulkers".,

JPMorgan's picture

Well it's a start (I guess).

But as we all know the only thing these banks are really sorry about is getting caught with their hand in the cookie jar.

Fines are a complete waste of time, it's just running costs.

Those responsible need to do hard time.
Take their toys and family away from them, then see how sorry their asses are.


VWAndy's picture

 Why dont they get caught with their hand in the cookie jar?  A. They are using shovels.

PlayMoney's picture

Fines aren't a waste of time. The banks make theirs. Gov gives them a "non-prosecute agreement" for protection money, oops i mean fines, and money from all the little folk are passed around for bonuses and salary. The mafia is green with envy at such a sweet setup.

Fox-Scully's picture

The ad said "we in the management committee and bank leadership as a whole will do everything in our power to keep such cases from happening again."  Otherwise known as being discovered!

Atomizer's picture

A child storybook fairy fiction from IMF, World Bank and BIS. They fucked up derivatives. 

OTC Derivatives Compliance Calendar 2017-2-1-01.pdf - ISDA

Mr. Pain's picture

Just as Wells Fargo fucked their customers, apologized then went back to do the same shit over, so will the Douche bank criminals.

TRN's picture

We are past apologies time DB. Time for prosecutions of Senior bank employees: Directors, CEOs, VPs.

Ms No's picture

Well, I feel much better.  Dahmer said he was sorry too.  He was bludgeoned to death in prison.  Banks just write letters.

Drickes's picture

It was not prop trading that brought Deutsche into trouble. Their problem was and is too many derivatives contracts, too much market rigging and looting of corporate clients, which brought them into thousands of litigation cases. In Germany they call Deutsche a Law Firm with an affiliated bank. It is simple misconduct, but not prop trading that brings them down. They are not more criminal than american IBs, they are less successful.

Atomizer's picture

I want to take Dow and ETF up to the 22-23,000 range. We will make hundreds of millions of dollars on HFT downside trading. Legally of course.

Jack up Dow Jones. You are debasing the dollar. Hiding it. It's not Trump, the same cunts that repeat it. Once you do it again, names will be dropped. I'm going to let them hunt you down. 

You stupid fucks, we are far smarter. It will be fun for you to get you fleeced.


besnook's picture

gee, i feel so much better. now if they fine them 10% of their profits on the scam i'll feel like justice has been done.

Cult of Criminality's picture

"engaging in market manipulation and misconduct that has cost the company billions"

What a shame, it cost the company(bank) billions



SumTingWongJr's picture

At least they said sorry.

The Northsman's picture

What deutsche meant to say: "We're sorry we got caught. We'll try to make sure it does'nt happen again"

Dilluminati's picture

Did anyone go to jail who is notable?

Does anyone from the globalist cabal ever go to jail?

If Germans dragged their cabal to the guillotine I would call it justice.

An apology?

Germans are cucked beyond redemption.

francissba's picture

Fuck these Nazi cocksuckers  

Pay me 20,000 ounces of silver and Douchebank would be half way to compensating me for my loss.

Pay me my silver now and, Jump you Fuckers.

This message is approved by AGXIIK

Publicus's picture

The executives, directors, managers, regulators, and employee responsible should be brought to justice, I say 30 years in jail for all of them.


It's time to make America great again.

pliny the longer's picture

this is really happening.  they really are this arrogantand condescending.  u decide for yourself if this makes it all ok 

i don't want to see people lose their jobs.  i want to see blood.  

CHoward's picture

As long as this bank is still entitled to be open for business under it's charter - the entire industry is a fucking scam and everyone knows it.

LOL123's picture

Sorry to correct but there are very many lay investers who don't realize the whole banking system under The Steering of Rothschild corp. Is a rigged network system.

LOL123's picture

Interestingly enough BIS saw all these transaction in real time.... Yet did nothing to stop or correct it? All these institutions like BIS ( which sees EVERY TRANSACTION IN REAL TIME), IMF, world bank, Federal Reserve are all tied into this global network..... Yet not a one of them blew the whistle on Deutsche Bank. Interesting don't you think?