German federal police have been searching the offices of Deutsche Bank in Frankfurt and Berlin since early Wednesday morning, with raids ordered by prosecutors in Frankfurt, Euronews.com reported. About 30 investigators reportedly entered the bank’s Frankfurt headquarters in plain clothes, according to Der Spiegel, which first reported the news. Another Deutsche Bank location in Berlin was also searched. Prosecutors say they are investigating unknown managers and employees of Deutsche Bank on suspicion of money laundering.

The U.K.'s Financial Conduct Authority on Tuesday launched a review into the impact of advanced artificial intelligence ​on retail financial markets and consumers, Reuters reported. The review, led by FCA ‌Executive Director Sheldon Mills, will look at how the evolution of AI could affect markets ‌and firms, including changes to competition and market structure, as well as the impact on consumers. Findings will go to the FCA board in mid‑2026. The regulator reiterated that it does not intend to introduce AI‑specific rules.

The U.K. Insolvency Service said that it is trying to refund £500,000 to customers who paid a fee for a debt relief order (DRO) but did not submit their application, according to a press release. Thousands of people are due a refund after the Government scrapped the £90 application fee for DROs in April 2024 to make things easier for those struggling with debt. A DRO is an alternative to bankruptcy, allowing people to make a fresh start if they have less than £50,000 of personal debt. Applications for DROs are made through authorised debt advisers or charities.

It’s only four months since the UK and Ireland operations of Claire’s was bought out of administration but the business was back there as of Monday, FashionNetwork.com reported. First reported by Sky News, it seems insolvency practitioners from Kroll are handling the process with over a thousand high street jobs at risk. That comes after a significant number of jobs had previously been cut on its insolvency filing last autumn.

German language teaching group Carl Duisberg Centren will cease trading and close all of its centres this week after a period of administration has failed to rescue the company, StudyTravel Magazine reported. Carl Duisberg Centren (CDC) was established in 1962 and operates as a non-profit organisation with six schools across Germany and a portfolio of adult programmes including intensive German, exam preparation and university preparation, as well as summer camps for juniors.

Europe's economy risks falling further behind other regions unless the European ‌Union overhauls regulation that is undermining banks' ability to lend, the European Banking Federation has warned, Reuters reported. The current situation was "neither satisfactory, nor sustainable," the industry group said in a letter addressed to European Commission officials including President Ursula von der Leyen.

India plans to slash tariffs on cars imported from the European Union to 40% from as high as 110%, sources said, in the biggest opening yet of the country's vast market as the two sides close in on a free trade pact that could come as early as Tuesday, Reuters reported. Prime Minister Narendra Modi's government has agreed to immediately reduce the tax on a limited number of cars from the 27-nation bloc with an import price of more than 15,000 euros ($17,739), two sources briefed on the talks told Reuters.