German lender Deutsche Bank AG shares hit rock-bottom in the wake of Friday police raids linked to alleged money laundering

Deutsche Bank shares dropped to an all-time low this morning before rallying, amid an investigation into possible money laundering.

Shares dropped 2.4 per cent to €7.90 (£7.03) as trading opened today, the second time they have dropped below €8 after Friday, when prosecutors raided the lender’s offices for a second day.

Police were looking for evidence linked to the so-called Panama Papers revelations that two employees had set up offshore firms for clients to launder money through.

Shares later rallied, however, and were 0.65 per cent up, at $8.11.

The bank has been hit by a series of scandals this year, and faces fresh questions over its alleged role as a funnel for dirty money processed via Danish lender Danske Bank.

The European banking sector at large has been subject to a drop in shares this morning.

BNP Paribas, Societe Generale and Commerzbank were all down around two per cent this morning, but like Deutsche

... read more at: http://www.cityam.com/270190/deutsche-bank-shares-hit-rock-bottom-wake-police-raids

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