German police raid Deutsche Bank's offices in Frankfurt in connection with money laundering allegations that two staff members helped clients set up off-shore businesses as tax havens. Police officers, prosecutors and tax inspectors search six of the bank's offices and seize numerous written and electronic business documents. Deutsche Bank says the investigation stems from the 2016 Panama Papers leak.
The Obama administration through the United States Department of Justice lowers the fine against Germany's Deutsche Bank to a settlement of US$5.4 billion after being handed a demand for up to $14 billion earlier this month over the sale of toxic mortgage bonds.
Deutsche Bank pays $2.5 billion to settle an investigation by the United States and the United Kingdom related to manipulation of the Libor or London Interbank Offered Rate. It will also plead guilty in a US court case.
Moody's downgrades the credit rating of 15 major world banks: UK (The Royal Bank of Scotland, Barclays and HSBC), US (Bank of America, Citigroup, Goldman Sachs and JPMorgan), Rest of world (Credit Suisse, UBS, BNP Paribas, Crédit Agricole, Société Générale, Deutsche Bank, Royal Bank of Canada and Morgan Stanley).
A judge of the Ontario Superior Court, overseeing the bankruptcy and reorganization of Air Canada, approved an amended "standby purchase agreement" from Deutsche Bank, which stands to become a major owner of equity in the revived airline.