German prosecutors raid JPMorgan offices in tax probe

BERLIN (AP) — German prosecutors have raided the Frankfurt office of JPMorgan Chase & Co. as part of a broader tax evasion investigation targeting numerous banks in Germany and beyond.

Cologne prosecutors said on Wednesday that dozens of investigators began raiding the offices of a Frankfurt-based financial institution and several auditing and tax firms on Tuesday.

The searches, which also targeted the private apartments of four suspects, were linked to an investigation into so-called cum-ex stock deals and related tax avoidance practices that allegedly cost the German government billions of euros, prosecutors said.

In a statement, JPMorgan confirmed that its Frankfurt offices had been “visited” this week.

“We continue to cooperate with the German authorities on their ongoing investigation,” the bank said.

The offices of several rival institutions have already been raided by German authorities. Hundreds of bankers are believed to have been involved in the cum-ex scheme which saw participants seek reimbursement of taxes they failed to pay.

German Chancellor Olaf Scholz is in the spotlight for the way Hamburg authorities handled a related matter while he was the city’s mayor.

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