Already a melting ice cube struggling with an overbearing derivatives exposure and myriad legal risks, Deutsche Bank has seemingly bounced from one criminal scandal to the next since the crisis, incurring billions of dollars in fines along the way. So it's hardly surprising that the bank's shareholders let out a collective groan Thursday morning when headlines hit that German police had raided the bank's Frankfurt headquarters.
WATCH: Police vehicles are present outside Deutsche Bank HQ in Frankfurt amidst raids by prosecutors over money laundering probe (📸: @carolynnlook) pic.twitter.com/BC9dO1yqWp
— TicToc by Bloomberg (@tictoc) November 29, 2018
Roughly 170 police officers, tax inspector and prosecutors fanned out across Frankfurt to search a total of 6 DB buildings, according to the BBC, sending the bank's shares lower by 2% to near all-time lows amid renewed fears that DB could face a devastating, potentially bankruptcy-inducing, fine.
Germany's public prosecutor has said the raid is connected with the role played by two employees in helping clients set up offshore account to launder money from criminal activities in offshore tax havens. Illegally gotten money may also have been transferred to accounts at DB, which then failed to report the suspicious activity, despite the fact that Germany's banking regulator recently appointed a supervisor to oversee an effort to improve AML controls at the bank.
The Frankfurt headquarters of Deutsche Bank have been raided by prosecutors in a money laundering investigation.
Germany's public prosecutor alleged that two staff members have helped clients launder money from criminal activities.
Police cars were seen outside the tower blocks that house the headquarters of Germany's biggest bank.
Other Deutsche offices in the city were searched in an operation involving about 170 police and officials.https://archive.fo/OkG9rhttps://www.zerohedge.com/news/2018-11-29/deutsche-bank-shares-slide-police-raid-frankfurt-headquarters