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Senior Banker Resigns After Environmental Laundering Raid

Senior Banker Resigns After Environmental Laundering Raid

The CEO of DWS Asset Manager, the largest German banker, Asoka Wöhrmann, announced his resignation today. He claimed that only hours after dozens of investigators raided the offices of DWS in Frankfurt and the local headquarters of Deutsche Bank.

The German court suspects DWS of investment fraud, in which investment funds are presented as more sustainable than they actually are. According to the whistleblower, the DWS will state in annual reports that more than half of the assets under management are sustainably invested. The actual percentage will be much lower.

According to the Public Prosecutor’s Office, indications were already found during the investigation that not all sustainable funds met the ESG criteria, the sustainability criteria for environmental or social aspects. An investigation is also underway in the United States. The position of the 57-year-old made Wöhrmann untenable. “Allegations made in recent months, including personal attacks and threats – however unfounded – have left their mark,” Foreman said in a statement yesterday.

Stefan Hobbs, who currently heads the commercial arm of Deutsche Bank, will succeed him from June 10.

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