Deutsche Bank Shares Hit Record Low; Money Laundering Raid Extends to Second Day

Deutsche Bank DB shares hit a fresh all-time low Friday as prosecutors and tax inspectors continued to search its Frankfurt headquarters as part of an ongoing probe into money laundering allegations linked to the publication of the Panama Papers.

The raid, which included six other satellite offices of the German lender, is said to be focused on two unnamed bank employees alleged to have assisted clients in hiding money offshore between 2013 and 2018. It also followed an allegation that Deutsche Bank was the unnamed “major European bank” that helped process around $150 billion in payments linked to the Danske Bank money-laundering scandal that was revealed earlier this year.

“As far as we are concerned, we have already provided the authorities with all the relevant information regarding Panama Papers,” Deutsche Bank said in a statement provided to TheStreet late Thursday. “Of course, we will cooperate closely with the public prosecutor’s office in Frankfurt, as

... read more at: https://www.thestreet.com/investing/stocks/deutsche-bank-shares-hit-record-low-money-laundering-raid-extends-to-second-day-14796805

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