Deutsche Bank AG Chief Executive Officer Christian Sewing said he doesn’t expect to be personally targeted in a money laundering probe by German authorities that led to raids in several of its offices last week, including those of the management board.
Police searched the bank’s headquarters in Frankfurt and surrounding offices over two days in an investigation relating to a cache of documents known as the Panama Papers. They show a business based in the British Virgin Islands provided customers with a means to launder money, the bank has said. The inquiry touches the private wealth unit, part of the private and commercial bank run by Sewing before he rose to chief executive officer in April.
