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“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 (NYSE:JPM) spokesperson told Reuters in an emailed statement.
The scandal, known as cum-ex, involved a share-trading scheme 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.
A spokesman for Cologne prosecutors confirmed to Bloomberg News, which first reported the development, that a raid was taking place in Frankfurt but declined to identify the target. (https://bloom.bg/3Q3tHgs)
