Deutsche Bank plunges to hit new all-time low

Monday, 20. May 2019 12:32

Shares of the largest German banking institution Deutsche Bank traded over 3% lower on Monday to reach a new all-time low just days ahead of its annual general meeting. The selloff also comes amid reports that the bank tried to cover up a series of suspicious transactions involving legal entities controlled by US President Donald Trump and his son-in-law Jared Kushner in 2016 and 2017.

According to media reports, the transactions were flagged by the bank's compliance staff members and were prepared to be sent to the Treasury Department as so-called suspicious activity reports. However, Deutsche Bank's executives are said to have rejected the advice of their employees and decided to brush away the money-laundering concerns. The transactions allegedly involved money flows between overseas entities and individuals.

Deutsche Bank shares traded 3.27% lower to sell for €6.623 at 12:25 pm CET after touching €6.61 for the first time. The last record low was hit on December 27 after a drop in headcount in Asia and a police raid in an investigation into money laundering. The DAX plunged 1.22% at 12:30, weighed down by Infineon, Fresenius and Deutsche Bank.

Related Links: Deutsche Bank AG
Author:
Breaking the News / FH