05/12/18

Deutsche Bank shares hit rock-bottom in the wake of police raids

(CityAm)--Deutsche Bank shares dropped to an all-time low this morning before rallying, amid an investigation into possible money laundering.

Shares dropped 2.4 per cent to €7.90 (£7.03) as trading opened today, the second time they have dropped below €8 after Friday, when prosecutors raided the lender’s offices for a second day.

Police were looking for evidence linked to the so-called Panama Papers revelations that two employees had set up offshore firms for clients to launder money through.

Shares later rallied, however, and were 0.65 per cent up, at $8.11.

The bank has been hit by a series of scandals this year, and faces fresh questions over its alleged role as a funnel for dirty money processed via Danish lender Danske Bank.