Prosecutors' Raid On Deutsche Bank AG Sends Shares Down

Deutsche Bank AG DB dropped more than 2 percent Tuesday after it emerged that German authorities raided the banks headquarters in Frankfurt. http://www.reuters.com/article/2015/06/09/us-deutsche-bank-raid-idUSKBN0OP0VU20150609 The raid was related to tax fraud related to customer securities transactions, according to multiple reports. Deutsche Bank traded in New York recently at $31.32, down $0.83 cents. Despite the sell off, shares were still up 3.6 percent since Sunday's announcement that co-chief executives Anshu Jain and Juergen Fitschen will resign. The resignations were reportedly unrelated to potential customer tax fraud that sparked Tuesday's raid. Deutsche Bank agreed in April to pay $2.5 billion to settle charges of alleged rate rigging, soon after it announced first-quarter litigation costs of nearly $1.7 billion. https://www.db.com/ir/en/content/ir_releases_2015_4945.htm The settlement "marks another step in addressing the past and ensuring that the Bank earns back the trust of its clients, shareholders and society at large," Jain and Fischen said at the time. Reports surfaced last week that Deutsche Bank is being investigated by New York State regulators in connection with alleged money laundering by clients as well as possible violations of Iranian sanctions. http://www.usatoday.com/story/money/business/2015/06/09/deutsche-bank-raids-taxes-germany-prospectors-banks/28729559/ A reorganization plan unveiled April 27 is aimed at reducing Deutsche Bank's debt and boosting capital, in part by scaling back its investment banking business. https://www.db.com/ir/en/content/ir_releases_2015_4954.htm