Deutsche Bank Searched in Probe of Client Transactions
Co-Chief Executive Officers Anshu Jain and Juergen Fitschen stepped down from their roles two days ago.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
A raid of Deutsche Bank AG’s Frankfurt offices Tuesday is part of a crackdown on a long-controversial trading strategy that helps investors claim credit for taxes they never paid, people with knowledge of the matter said.
The lender’s stock dropped the most in more than two weeks as prosecutors in Frankfurt confirmed a search was conducted. No bank employees have been accused of wrongdoing, Christian Streckert, a company spokesman, said by phone.