BNY Mellon’s Frankfurt Offices Raided in German Tax Scandal Probe
- Cologne prosecutors started search on Tuesday morning
- U.S. lender among half a dozen investment banks raided in 2022
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Bank of New York Mellon’s Frankfurt offices are being raided by Cologne prosecutors as part of their vast investigation into the controversial Cum-Ex scandal that has increasingly ensnared Wall Street’s biggest banks.
BNY Mellon confirmed that its Frankfurt office was visited by German authorities. The bank said it continues to cooperate fully with the authorities in an ongoing investigation relating to legacy tax matters. There has been no interruption to services to clients, the lender added.