German tax investigators searched Deutsche Bank's headquarters in Frankfurt and Postbank offices in Bonn on July 22, 2026, as part of a criminal probe into suspected tax fraud linked to cum-cum transactions conducted by Postbank between 2008 and 2010 [1, 2, 3]. About 70 investigators from the public prosecutor’s office and the tax investigation unit took part in the searches [3].
Cum-cum transactions involve trading German company stocks around dividend payout dates to secure tax advantages. While these trades are not illegal per se, authorities say the deals carried out by Postbank likely amounted to tax fraud [1, 2, 3]. The investigation targets roughly 10 former senior Postbank managers accused of causing damages to German state finances, with alleged losses in this case estimated at around €350 million [2, 3].
Deutsche Bank, which acquired Postbank in phases beginning in 2008–2009, was searched as a third party in the inquiry. A bank spokesperson said, "Deutsche Bank is being searched as a third party in this matter and we are cooperating fully" [2].
The overall industry-wide cost of cum-cum and related cum-ex trades is estimated by the German financial watchdog BaFin at about €7 billion (approximately US$8 billion), though some tax authorities cite figures as high as €28 billion [1, 2, 3]. These tax trades have drawn increasing scrutiny due to their complexity and potential for evading taxes.
This was the third search at Deutsche Bank’s Frankfurt headquarters in 2026 related to separate investigations including money laundering and tax fraud allegations [2, 3].
Prosecutors have not announced charges yet, but their focus remains on identifying those responsible for the alleged schemes between 2008 and 2010. Follow-up actions and possible indictments are expected as the investigation progresses.
