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Police raid Deutsche Bank's Frankfurt HQ as fraud probe deepens

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Police raid Deutsche Bank's Frankfurt HQ as fraud probe deepens

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German police have raided Deutsche Bank’s offices in Frankfurt looking for evidence of alleged wrongdoing in client securities transactions.

Last month the bank was fined a record 2.2 billion euros for manipulating the interbank lending rate Libor, and it faces a number of legal problems, including probes into alleged manipulation of benchmark derivatives, tax evasion and money laundering.

Two days ago the axe fell on Deutsche’s two joint CEOs, and former CFO at Swiss giant UBS John Cryan has been tasked with leading Germany’s biggest lender out of the morass. He may have his hands full.