It's a raid!
Bloomberg reports that Deutsche Bank’s Frankfurt headquarters were searched Wednesday by dozens of police and prosecutors, in what the company said is part of a two-year-old tax-fraud probe linked to the sale of carbon-emission certificates.
Tax inspectors carrying computer equipment and files were seen entering elevators at the bank’s headquarters in downtown Frankfurt. A dozen police vehicles, including two large buses, were parked outside.
The raids are part of a probe against 'singular persons', bank spokesman Armin Niedermeier said. 'Deutsche Bank continues to fully cooperate with the authorities'.
The news organisation also reports that Deutsche Bank is dismissing power and gas traders in the U.S. as commodities chief David Silbert prepares to leave, said a person briefed on the matter.
The firings affect fewer than half the U.S. power and gas traders working for the Frankfurt-based bank, and are part of the 1,900 job cuts announced by Chief Executive Officer Anshu Jain in July, according to the person, who asked for anonymity because the moves haven’t been publicly announced.
Evan Dooley, who worked in MF Global's Memphis office, made a series of overnight bets in wheat futures on CME Group's electronic trading system, even though he knew he did not have money to cover potential losses, according to the U.S. Attorney's office in Chicago.