(Finance) – The shares of Deutsche Bank are down on the Frankfurt stock exchange after the German police carried out searches at the headquarters from DWS, a leading global asset manager with € 928 billion in assets under management (as of December 31, 2021). Although DWS is independently listed on the stock exchange, Deutsche Bank owns a nearly 80% stake. According to the German newspaper Handelsblatt, the raid of about 50 officials in the Frankfurt office of the Deutsche Bank and in the nearby DWS building is based on the allegations of greenwashing against the latter.
“We have continuously cooperated fully with all relevant regulators and authorities on this matter and we will continue to do so, “a spokesperson for DWS said, while Deutsche Bank merely confirmed the police raid on its headquarters.
The Securities and Exchange Commission (SEC) of the United States and the German financial regulator BaFin are investigating allegations that DWS overestimated how it used sustainable investment criteria to manage investments. Desiree Fixler, former DWS chief sustainability officer, publicly accused the former employer of greenwashing last year. DWS has always denied such allegations.
Worsens the performance of Deutsche Bankwith a discount of 2,03%reaching 10.43. DWS shows a drop of 2.09% at 34.66.