According to a statement from the prosecutor’s office, the probe targeted unknown employees regarding business relationships the bank maintained with foreign entities. Deutsche Bank shares extended losses following the reports, dropping as much as 3.6% in Frankfurt. In an emailed statement to CNBC, a spokesperson for Deutsche Bank confirmed that the Frankfurt public prosecutor’s office was on-site at its offices. The raid represents a significant setback for Deutsche Bank CEO Christian Sewing, who has led the German lender for nearly eight years. While Deutsche Bank has reportedly invested heavily to improve its defenses against such activities, it has historically faced criticism for deficient internal bulwarks.