Deutsche Bank says it is investigating DWS greenwashing claims

FRANKFURT (Reuters) – Deutsche Bank is conducting its own internal investigation into alleged greenwashing at asset management arm DWS, the lender’s chief executive said on Tuesday.

DWS’s chief executive said earlier this month he would step down following raids by prosecutors over allegations that the fund misled investors over its environmental credentials.

“We think we know what we have done, and we are doing our own investigations,” said Deutsche Bank CEO Christian Sewing, when asked about the consequences of the accusations against DWS at a conference in Milan.

The raids and departure of DWS CEO Asoka Woehrmann marked another setback for Deutsche Bank, which has been trying to move on from regulatory breaches including money laundering and securities mis-selling that resulted in billions in fines.

DWS has repeatedly denied it misled investors, and both DWS and Deutsche have said they are cooperating with regulators and authorities.

(Reporting by Marta Orosz; Writing by Ludwig Burger and Jan Harvey)