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Deutsche Bank’s Top Executives Embroiled in German Tax Scandal

  • Bank provided services to clients exploiting tax loophole
  • Lender says it never directly participated in Cum-Ex deals
Deutsche Bank CEO Sewing Accelerates Lender's Turnaround Effort
Photographer: Alex Kraus/Bloomberg
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For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG.

Now, it’s approaching the highest levels of the German lender, with three key figures -- investment banking chief Garth Ritchie, former co-Chief Executive Officer Anshu Jain and his predecessor Josef Ackermann -- among 80 suspects linked to the bank and being probed by prosecutors in the so-called Cum-Ex affair, according to people familiar with the matter. For CEO Christian Sewing, who’s trying to turn the tide at Germany’s biggest bank after years of painful missteps, the escalation couldn’t come at a more precarious time.