JPMorgan’s Frankfurt offices raided as part of ‘cum-ex’ tax probe – Bloomberg News
2022.08.31 12:29
FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar
(Reuters) – JPMorgan Chase & Co (NYSE:JPM)’s Frankfurt offices are being raided by German authorities as part of their vast probe into “cum-ex” transactions, Bloomberg News reported on Wednesday.
“We can confirm that our Frankfurt offices were visited this week. We continue to cooperate with the German authorities on their ongoing investigation,” a JPMorgan spokesperson told Reuters in an emailed statement.
A spokesman for Cologne prosecutors confirmed to Bloomberg a raid was taking place in Frankfurt but declined to identify the target.
The cum-ex scandal is Germany’s biggest post-war fraud involving a share-trading scheme that the authorities say cost taxpayers billions of euros. A large number of banks were involved in the cum-ex deals, with raids being conducted on the German branches of Barclays (LON:BARC) and the investment bank Merrill Lynch in the last few months.
