INTERNATIONAL – Police searched Deutsche Bank’s headquarters in Frankfurt for a second day on Friday over money laundering allegations linked to the Panama Papers and shares in the company fell to a record low.
The large volume of material being examined meant a search started on Thursday was still going on, a spokeswoman for the Frankfurt prosecutor’s office said, adding that offices of board members were included but without giving further details.
Deutsche, Germany’s biggest lender, said on Thursday it was cooperating with investigators and declined further comment on Friday. Deutsche Bank traded down 2.5 percent at 1040 GMT and have lost around half of their value this year.
The raid comes as Deutsche Bank tries to repair its tattered reputation after three years of losses and a list of financial and regulatory scandals.
Christian Sewing, appointed chief executive in April to help the bank rebuild, has trimmed its US operations and reshuffled its management board, but revenue has continued to slip.