Deutsche Bank Co-Chief Executive Juergen Fitschen conceded on Monday that criticism of his bank's culture in the wake of the 2007-09 financial crisis was justified and he wanted to reform it.

"We are being criticised and for just cause," Fitschen said at an event in the western German city of Essen, adding that Germany's biggest bank now wanted to deal with its past.

Fitschen and Anshu Jain took the reins as co-chief executives of the bank in June, under pressure from politicians, regulators and investors to deliver wholesale reform.

But with more than 40 years at the bank between them, the pair are finding themselves drawn into a series of investigations into Deutsche Bank's suspected misdeeds during the boom years.

Most damagingly, Fitschen himself is under investigation after the bank faced an army of 500 police and prosecutors raiding its twin-tower Frankfurt headquarters and other premises last week as part of probe into a carbon trading scandal.

(Reporting by Matthias Inverardi, Writing by Sarah Marsh; Editing by Richard Chang)