A Private Bank Survived the Nazis But Cum-Ex May Break It (1)

M.M. Warburg & Co.’s headquarters exudes the aura of a fortress that has withstood the tumultuous twists of German history for centuries.

The ornate sandstone structure survived the bombs that rained down on Hamburg starting in 1941. One shell hit the roof but bounced off a metal beam, limiting the damage. Even the firestorm that wiped out much of the neighborhood in a 1943 raid couldn’t harm the building. The Jewish family that owned and ran the bank was expelled by the Nazis and went into exile, only to return after the war and rebuild the institution into one ...