Deutsche Bank Says Five Ex-Board Members Probed Over Cum-Ex (1)

Deutsche Bank AG said five former management board members are under investigation for tax evasion, days after the first two bankers were convicted in Germany’s long-running Cum-Ex scandal.

The bank disclosed the information in its annual report Friday without identifying the board members. The bank said it may also face seizures and fines.

Prosecutors in Cologne, who on Wednesday won their first convictions in the Cum-Ex probe, are looking at more than 500 people in the financial industry. The verdict this week found the complicated tax schemes were illegal and may prompt a new wave of charges.

“The investigation is ...