Deutsche Bank's Ritchie Said to Be Among Staff in Tax Refund Probe
- Prosecutors are examining banks over controversial tax refunds
- Case’s expansion prompted by statue of limitations, bank says
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Deutsche Bank AG investment-banking head Garth Ritchie and former co-Chief Executive Officer Anshu Jain were swept into a widening German probe on dividend tax payments, adding to strain on top leadership as the shares hover near record lows.
Ritchie and Jain joined a growing list of potential targets for prosecutors investigating the so-called Cum-ex tax scandal that’s rocked Germany’s financial industry, people familiar with the matter said. Ritchie is already contending with the lowest shareholder backing among top management and the prospect of massive cuts to his division. Ex-CEO Josef Ackermann also faces scrutiny, German media reported.