DB - Deutsche Bank headquarters raided in larger cum-ex investigation - reports

• Deutsche Bank ( NYSE: DB ) headquarters were searched by prosecutors as part of Germany's wider investigation into "cum-ex" transactions, according to media reports .
• Under the cum-ex scheme, clients of several big banks allegedly profited from share transactions executed in the days before and after a stock dividend's payment, that led governments to reimburse taxes that were never actually paid.
• In August, Deutsche Bank's ( DB ) internal investigation found that some of its London-based investment bankers skirted the companies own policies against the cum-ex activities.
• Cologne prosecutors have been conducting searches at several international banks this year. In March, Barclays ( BCS ) and Bank of America ( BAC ) Merrill Lynch premises were raided, followed by Morgan Stanley ( MS ) in May and JPMorgan Chase ( JPM ) in August, Bloomberg reported .
• Deutsche Bank ( DB ) didn't immediately respond to Seeking Alpha's request for comment.
• Germany has been investigating the the cum-ex share trading since 2017. BlackRock's ( BLK ) Munich offices were searched in 2018 and Commerzbank's ( OTCPK:CRZBY ) offices were raided in 2019.

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