Drip, drip, drip.
Deutsche Bank said its offices in Frankfurt were searched on Tuesday as part of an investigation into securities transactions by clients. The shares slumped.
Bloomberg News reports that prosecutors in Frankfurt are conducting the raids, Christian Streckert, a spokesman for Deutsche Bank, said by telephone on Tuesday. Bank employees are not accused of wrongdoing, he said.
Deutsche Bank has been battered by a series of scandals and compliance costs that have topped $10bn over the past years.
'More negative headlines are not helping Deutsche Bank’s image', said Andreas Plaesier, an analyst with M.M. Warburg in Hamburg who recommends investors hold the shares. 'These transactions have been investigated by tax authorities for a while and the probes also involve other companies. The significance for Deutsche Bank shouldn’t be overestimated'.
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