Deutsche Bank is committing about $2.3 billion to prove it's sorry that some of its employees rigged interest rates.
The German bank announced today it would pay about $983 million (725 million euros) as part of an agreement with the European Commission to resolve investigations into the submission of interbank offered rates for both the euro and yen.
Deutsche Bank also said it was investing about $1.35 billion (1 billion euros) to "elevate its systems and controls to best in class," according to an internal memo sent to employees today.
"Consistent with our ongoing review, the commission's investigation found evidence of past misconduct on the part of a small number of individuals who acted in breach of our values and beliefs," Jürgen Fitschen and Anshu Jain, co-CEOs of Deutsche Bank, wrote. "This misconduct disappoints us profoundly."