German authorities descended on Deutsche Bank AG, including its downtown Frankfurt headquarters, in a coordinated raid related to a money-laundering investigation.
More than six police vehicles, their blue lights flashing, pulled up to Deutsche Bank’s main office shortly before 9 a.m., in an operation involving about 170 officers. They targeted as suspects two bank employees who were not identified beyond their ages — 50 and 46. The bank said it was cooperating.
For the beleaguered German lender, the raid adds to a panoply of headaches — commercial, regulatory and legal — facing Chief Executive Office Christian Sewing and Chairman Paul Achleitner. Its shares have lost almost half their value this year, after sliding 3.4% Thursday. The cost of insuring its junior debt against losses jumped 11 basis points to 383 basis points, the highest in two years, according to data compiled by CMA.
“This must be associated with criminal behavior and not just