FRANKFURT – Deutsche Bank’s asset management unit DWS will continue to cooperate with authorities on accusations of greenwashing, its CEO said on Thursday, adding that he could not rule out the company having to pay fines.
CEO Stefan Hoops said DWS planned to tighten its internal rules and controls following the scandal, in comments to anaylsts following the announcement of the company’s 2022 results.
German and U.S. officials have been investigating reports and a whistleblower’s allegations that DWS had exaggerated the sustainability of investments it sold – a practice known as greenwashing. DWS denies this.
“We are fully transparent and are sharing everything that was requested plus anything we deemed relevant,” Hoops said, adding that the fund manager had shared some 3 million documents.
On Thursday, DWS reported a 23% drop in its net profit for 2022, falling to 599 million euros ($658.36 million), driven partially by a planned increase in transformation costs and legal expenses.
($1 = 0.9098 euros)