Bank J. Safra Sarasin said that its deputy CEO Eric Sarasin has resigned from his role to focus on defending himself in an investigation in Germany.
Mr. Sarasin and dozens of other defendants have been accused by German authorities of tax evasion and fraud in relation to cum/ex trades, which prosecutors allege have resulted in fraudulent applications for about 460m ($576m) in tax credits.
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Sarasin "categorically denies the accusation made against him and wants to be free and available to organize his own defense," the Swiss bank said in a statement.
"He also wants to ensure that the personal implications for him do not tarnish the image and reputation of the bank he has served," the statement read.
Last week, Swiss authorities have searched the bank’s Basel and Zurich offices on the basis of a request for legal assistance by prosecutors in Cologne and Frankfurt associated with cum-ex transactions.
Authorities have also searched 20 private offices and homes in various Swiss cities in association with the probe.
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