German public broadcaster Hessischer Rundfunk reports that police and prosecutors are searching the headquarters of Deutsche Bank in Frankfurt in connection with money laundering allegations.
Hessischer Rundfunk reported that a large number of police officers were involved in the raid early Thursday.
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It quoted Frankfurt prosecutors saying Deutsche Bank is suspected of helping customers set up offshore companies in tax havens.
Deutsche Bank didn’t immediately respond to a request for comment.
Its shares dropped on the news and were down 3 percent in morning trading.
