The raid on Deutsche Bank and DWS has an aftershock.
Stefan Hoops, who previously headed the corporate bank at Deutsche Bank, will become the new CEO of the fund provider.
This was announced by the parent company Deutsche Bank early Wednesday morning.
The decision was apparently made overnight.
According to the statement, Asoka Wöhrmann will resign from his post at the end of next week's general meeting of DWS.
Deutsche Bank has a good 80 percent stake in the listed DWS.
The chairman of the supervisory board of DWS is Karl von Rohr, the deputy chairman of the board of directors of Deutsche Bank.
Wöhrmann had headed DWS since 2018.
Inken Schoenauer
Editor in business, responsible for the financial market.
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Archibald Preuschat
Editor in Business
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The news of the change came just hours after a group of around 50 officers from the Federal Criminal Police Office, the Financial Supervisory Authority Bafin and the public prosecutor's office searched the premises of DWS and Deutsche Bank.
It's about the allegations of greenwashing.
This is how the process is described when products are given a greener coat of paint than would actually be justified by the content.
Sustainability with its components E (environment), S (social) and G (governance) has meanwhile become an immensely important business area for the financial industry.
Allegations have existed since last year
Above all, climate change presents the economy and companies with the gigantic challenge of transformation, which needs to be financed.
The financial industry plays a key role here because it channels the financial flows.
The pressure from investors to invest more in sustainable products and systems is great – as is the danger of greenwashing for marketing reasons.
For years, the European Union has been trying to adopt a set of rules with the taxonomy that provides more orientation about what can be classified as sustainable.
However, the process is long and difficult.
The financial industry, including DWS and especially Deutsche Bank, have repeatedly emphasized the importance of this topic.
ESG products accounted for 40 percent of the total net inflows of 47.7 billion euros at DWS last year.
The company made a record profit of over one billion euros in 2021.
At DWS, the rumors about greenwashing have been around for months.
The former sustainability officer of DWS, Desiree Fixler, had made allegations against DWS last year that there would be fraudulent labeling for some products.
The American stock exchange supervisory authority SEC has meanwhile also dealt with the case.
However, DWS CEO Asoka Wöhrmann remained in office.
He always had the support of Deutsche Bank CEO Christian Sewing and Karl von Rohrs.
"Wöhrmann is doing an excellent job," Sewing said in January.
Even when there were further inconsistencies about how Wöhrmann is said to have tried to procure a Porsche, there were no far-reaching consequences.
DWS had always rejected allegations and took flight to the front at the beginning of the year.
"Since April last year, DWS and I have been the target of many attacks," Wöhrmann said at DWS' online balance sheet press conference in January.
These attacks targeted DWS' reputation as well as its own reputation and well-being.
"I expressly reject all of these allegations and insinuations," Wöhrmann emphasized.
You should obviously meet him.
"But I don't let myself be intimidated and prevented from my work."
"I expressly reject all of these allegations and insinuations," Wöhrmann emphasized.
You should obviously meet him.
"But I don't let myself be intimidated and prevented from my work."
"I expressly reject all of these allegations and insinuations," Wöhrmann emphasized.
You should obviously meet him.
"But I don't let myself be intimidated and prevented from my work."