John Cryan, CEO of Deutsche Bank, apologized in especially contrite terms on Thursday for the long list of misdeeds that tarnished the German lender’s reputation and cost it billions 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 $2 billion quarterly loss, reflected the tone that the chief executive has tried to set since taking over in July 2015. His comments at a news conference signaled another step away from the aggressive risk-taking that was part of the lender’s attempt to keep pace with American investment banking titans like Goldman Sachs and JPMorgan Chase.

Under Mr. Cryan’s leadership, Deutsche Bank has followed European rivals like Credit Suisse in scaling back operations on Wall Street. Nevertheless, Mr. Cryan reiterated that DB Bank would retain a strong presence in the United States:

“We cannot be the international bank we need to be and want to be unless we can deal with the largest economy in the world.”

Deutsche Bank’s top managers will take “substantial” cuts in their bonuses for 2016, Mr. Cryan said, declining to give exact figures. It would be inappropriate, he added, for executives to receive large bonuses when the bank was not paying a dividend to shareholders and was laying off thousands of workers. The $2Bn loss in the 3 months of 2016 compared to a loss of $2.1 billion one year earlier.