German prosecutors searched Deutsche Bank's headquarters for the third time this year, as legacy scandals continue to overshadow chief executive Christian Sewing's turnaround. The Düsseldorf prosecutor's office conducted searches in Frankfurt and elsewhere relating to transactions by Postbank between 2008 and 2010. Deutsche Bank acquired Postbank from Deutsche Post in 2010 but did not begin integration until 2017, completing it only in 2024.

The investigation concerns alleged cum-cum transactions — share-swapping deals designed to avoid dividend tax — carried out by Postbank. Unlike cum-ex trades which generated multiple tax refunds, cum-cum structures sought to avoid a single withholding-tax charge. Deutsche Bank said it paid €29mn in 2025 to settle tax claims linked to cum-ex transactions, but its annual report contains no comparable disclosure for cum-cum deals.

A recent BaFin survey found 54 banks had potentially participated in cum-cum transactions, with estimated financial burden exceeding €4bn. The raid follows searches last week over a former employee accused of embezzlement and in January over a money-laundering investigation concerning transactions linked to a Russian oligarch between 2013 and 2018.