Prosecutors stage search at Deutsche Bank in investigation of clients; employees not targeted

BERLIN – Deutsche Bank says authorities have searched its Frankfurt offices in a probe of transactions by clients but no company employee is accused of any wrongdoing.

Bank spokesman Christian Streckert said the search Tuesday, ordered by prosecutors in nearby Wiesbaden, aimed to secure evidence in an investigation of share transactions by clients. He declined to give further details.

Shares in Deutsche Bank fell 1.9 per cent on Tuesday to 28.04 euros ($31.29).

They had made strong gains on Monday following a weekend announcement that the bank’s co-CEOs, Anshu Jain and Juergen Fitschen, will step down early.

Under their leadership, the bank has seen disappointing profits and struggled to put behind it various legal issues dating back several years.