When a dozen police vans pulled up in front of Deutsche Bank's twin towers on a grey and chilly Frankfurt morning last November, Christian Sewing knew he was running out of time.

As camera crews broadcast the spectacular raid by more than 100 officers, the chief executive kept up appearances, lunching with the Federal Reserve's top banking supervisor, Randal Quarles, in an exclusive corporate dining area at Deutsche's headquarters.

Elsewhere in the bank's premises, armed police, prosecutors and tax inspectors scoured filing cabinets and computers — including those in the CEO's office — looking for evidence of alleged money laundering.

Advertisement

Project Cairo

Advertisement

'All-in or nothing'

Capital squeeze

The last mile