Foreign news: UK banks stress test, Deutsche raided
All seven British banks and building societies - HSBC, Barclays, Lloyds, Santander UK, Royal Bank of Scotland, Nationwide Building Society and Standard Chartered - passed this year's Bank of England stress test, Reuters reports. This is despite having a more severe set of hypothetical downturns, which indicated they could withstand a disorderly Brexit without having to curb lending. The test assumed deep, theoretical domestic and global economic crashes happening at the same time, along with potentially hefty costs for misconduct. Deutsche Bank offices in Frankfurt have been raided by about 170 investigators as part of a broad criminal search into alleged money laundering, targeting two Deutsche employees, the FT reports. The investigation was triggered by the so-called Panama Papers and "offshore leaks" disclosures, where millions of records detailing the use of tax havens to shield wealth were passed to an international consortium of journalists. Authorities said at the core of the new German investigation is a Deutsche unit based in the British Virgin Islands. In 2016 alone, it dealt with more than 900 clients and processed €311 million, according to prosecutors.