Deutsche Bank, the allegations of greenwashing the stock knocked out: the Frankfurt stock exchange collapsed by 7%
Asoka Woehrmannmanaging director of Dwsleaves the leadership of the subsidiary of the German banking giant Deutsche Bank. The step back of Woehrmann, a note reads, it was decided “in agreement with the company”.
Woehrmannwho resigned with immediate effect, has played “an important role in the success of our wealth management in recent years,” said Karl von Rohrdeputy chief executive of Deutsche Bank and chairman of the supervisory board of Dws. His place will be taken, starting from 10 June from Stefan Hoopshead of the Corporate Bank of the German banking group, who will become responsible for the company’s entire asset management.
As the newspaper reports Handelsblatt, Karl von Rohr stressed that “in Stefan Hoops we have acquired a proven capital market specialist to lead DWS, who brings the strategic foresight, digitalisation experience and leadership skills necessary for this role. “The management of the bank’s corporate area will instead pass into the hands from David Lynne, currently leading this sector for Asia Pacific and responsible for the region’s fixed income and currency businesses.
The move of the resignation of Asoka Woehrmann comes at a time of great uncertainty for the German banking giant: yesterday a series of searches took place in the offices of the Deutsche Bank and its subsidiary for the management of the funds, Dwsto Frankfurt in an investigation into “fraud” on investments “sold as greener and more sustainable than they really were,” the city’s prosecutor’s office announced.
The investigation, which targets employees of banks and Dws for “investment fraud”, it was initiated after press reports and an informant’s statements to US authorities accusing the group of “greenwashing“, say the investigators in a press release. The headquarters of Deutsche Bank and its subsidiary for asset management Dws to Frankfurt on the Main were subject to searches. The police intervention was ordered by the city prosecutor on suspicion “greenwashing” from Dws.
As reported by the newspaper Frankfurter Allgemeine Zeitungthe group is accused of environmentalism facade since last August, when his former head of sustainability Desiree Fixler made revelations about it. The result were investigations initiated on the in Germany and in the United States. Dws has always denied the allegations. For the CEO of Deutsche Bank, Christian Sewing, the searches once again raise a regulatory and legal issue that overshadows the successful turnaround of Germany’s leading bank. Today’s announcement of his resignation brought down the stock of the banking giant: alla Frankfurt Stock Exchange loses 7%.
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