Deutsche Bank Just Hit its Lowest Level Ever After Police Raid
Author By Sophia VidaPosted on Shares of German-based Deutsche Bank were plummeting after police searched the company’s headquarters in Frankfurt for a second day over allegations of money laundering.
The bank saw its shares drop over 3% over the development. According to a source who spoke to Reuters, police were searching offices of all of the members of the bank’s board.
The bank is cooperating with the investigation and has stated, “As far as we are concerned, we have already provided the authorities with all the relevant information regarding [the] Panama Papers,” it said in a written statement. “It is in our interest … to clarify the facts. In recent years, we have proven that we fully cooperate with the authorities – and we will continue to do so.”
The Panama Papers was a leak of more than 11.5 million financial and legal records that exposed a system that enables crime and corruption, involving the financial dealings of public figures and politicians. The Panama Papers came to light in 2016.
Shares of Deutsche Bank have fallen around 50% this year so far.
Disclaimer: We have no position in Deutsche Bank AG (NYSE: DB) and have not been compensated for this article.
