U.S. Markets open in 4 hrs 35 mins

Deutsche Bank Shares Hit Record Low; Money Laundering Raid Extends to Second Day

Martin Baccardax

Deutsche Bank DB shares hit a fresh all-time low Friday as prosecutors and tax inspectors continued to search its Frankfurt headquarters as part of an ongoing probe into money laundering allegations linked to the publication of the Panama Papers. The raid, which also included the offices of all of Deutsche Bank's board members, according to a Reuters report, is said to be focused on two unnamed bank employees alleged to have assisted clients in hiding money offshore between 2013 and 2018. It also followed an allegation that Deutsche Bank was the unnamed "major European bank" that helped process around $150 billion in payments linked to the Danske Bank money-laundering scandal that was revealed earlier this year.