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Deutsche Bank offices searched by authorities

Deutsche Bank offices searched

Germany's biggest bank was searched by German prosecutors on Tuesday as part of an investigation in securities transactions by clients.

Shares of Deutsche Bank traded down as much as 2.7 percent after it confirmed its offices were under investigation.

"Today, offices of Deutsche Bank are being searched by the Wiesbaden prosecutor's office. The search is related to an investigation into securities transactions by clients. Employees of the bank are not accused of wrongdoing," a spokesperson for the bank said.

A pedestrian passes a Deutsche Bank branch in Frankfurt, Germany.
Ralph Orlowski | Bloomberg | Getty Images

The news comes after the bank's joint CEOs, Anshu Jain and Jurgen Fitschen, announced their resignations on Sunday. The power sharing arrangement is to end, with the pair to be replaced by John Cryan, a former UBS finance chief. This news saw Deutsche Bank shares trade sharply higher on Monday.

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The financial institution is Germany's biggest by market capitalization, and is worth around 39 billion euros ($44 billion).

—By CNBC's Katy Barnato, follow her on Twitter @KatyBarnato.