[7 / 0 / ?]

Police search offices of Deutsche Bank board members

No.321132 ViewReplyOriginalReport
https://www.reuters.com/article/us-deutsche-bank-moneylaundering/police-search-offices-of-deutsche-bank-board-members-idUSKCN1NZ0PO?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29

>FRANKFURT (Reuters) - Police have searched the offices of all the members of Deutsche Bank’s (DBKGn.DE) board as part of an investigation into money laundering allegations linked to the Panama Papers, a source told Reuters on Friday.

>Shares in Germany’s largest bank ended 2.9 percent lower, after hitting a record low earlier in the day, as a raid that began on Thursday at the bank’s towering Frankfurt headquarters extended into a second day.

>“We will of course continue to actively support the investigation and work constructively with the authorities,” Karl von Rohr, Deutsche’s co-deputy chief executive officer, said in a statement on Friday evening.

>Deutsche Bank shares have lost around half of their value this year, after the bank endured three years of losses and a series of financial and regulatory scandals. The company is now worth only around 17 billion euros ($19.3 billion).

>The raid comes as Deutsche Bank tries to repair its tattered reputation.

>Christian Sewing, appointed chief executive in April to help the bank rebuild, has trimmed the group’s U.S. operations and reshuffled its management board, but revenue has continued to slip.

>Investigators are looking into the activities of two unnamed Deutsche Bank employees alleged to have helped clients set up offshore firms to launder money, the prosecutor’s office has said. The inquiries focus on events from 2013 to this year.

>Gerhard Schick, a member of parliament for the opposition Green party, said it was “particularly irritating” that the bank’s current board members oversaw operations during the time in question. “This is not about legacy issues,” he said in a statement to Reuters.