German prosecutors search JPMorgan offices in tax probe

BERLIN (AP) — German prosecutors have raided the office of JPMorgan Chase & Co. in Frankfurt as part of a broader tax evasion investigation targeting numerous banks in Germany and beyond. Cologne prosecutors said Wednesday that dozens of investigators began searching the offices Tuesday of a Frankfurt-based financial institution and several auditing and tax firms. The raids also targeted private apartments of four suspects. Prosecutors said the raids were linked to an investigation into so-called cum-ex share transactions and related tax evasion practices that are said to have cost the German government billions of euros. JPMorgan said in a statement that its Frankfurt offices were “visited” this week and said it was cooperating with German authorities.