The Frankfurt headquarters of JPMorgan Chase & Co. were visited by German authorities this week, a bank spokeswoman said, as long-running investigations into one of the country’s worst financial scandals since World War II were expanded to another global lending giant.
“Our Frankfurt offices were visited this week, we can confirm. “We continue to assist the German government with their ongoing investigation. ” A JPMorgan spokesperson informed Reuters via email.
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According to the authorities, the cumex fraud comprised a share-trading operation that cost taxpayers billions of euros.
In recent months, raids were made on the German operations of Barclays and Merrill Lynch, two of the many banks participating in the cum-ex trades.
A representative for Cologne prosecutors acknowledged to Bloomberg News, which was the first to announce the raid, that it was occurring in Frankfurt, but declined to identify the target.
