JPMorgan's Frankfurt offices searched as part of 'cum-ex' probe - spokesperson

JPMorgan Chase & Co's Frankfurt offices were visited by German authorities this week, a bank spokesperson confirmed, as long-running probes into one of the country's biggest post-war financial scandals was extended to another global lending giant. "We can confirm that our Frankfurt offices were visited this week.

JPMorgan Chase & Co's Frankfurt offices were visited by German authorities this week, a bank spokesperson confirmed, as long-running probes into one of the country's biggest post-war financial scandals were extended to another global lending giant.

"We can confirm that our Frankfurt offices were visited this week. We continue to cooperate with the German authorities on their ongoing investigation," a JPMorgan spokesperson told Reuters in an emailed statement. The scandal, known as cum-ex, involved a share-trading scheme the authorities say cost taxpayers billions of euros.

A large number of banks were involved in the cum-ex deals, with raids being conducted on the German branches of Barclays and the investment bank Merrill Lynch in the last few months. A spokesman for Cologne prosecutors confirmed to Bloomberg News, which first reported the development, that a raid was taking place in Frankfurt but declined to identify the target.