CEO of Deutsche Bank’s DWS Asoka Woehrmann steps down after ‘greenwashing’ raids
June 1, 2022
The chief executive of top German asset manager DWS said Wednesday he will step down next week, a day after raids by prosecutors over allegations that the company misled investors about “green” investments.
The raids and departure of DWS CEO Asoka Woehrmann mark another setback for Deutsche Bank, DWS’ majority owner, which has been trying to move on from regulatory breaches, including money laundering and securities misselling, leading to billions in fines.
DWS has been dogged by the accusations for months, prompting German prosecutors to raid DWS and the headquarters of Deutsche Bank on Tuesday.
German and US officials have been investigating reports and a whistleblower’s allegations that DWS had exaggerated the green credentials of investments it sold — a practice known as greenwashing. DWS has repeatedly denied that it misled investors.
The DWS’s top management change had been in the works for some time but was ultimately made at meetings late on Tuesday in the wake of the raids, a person with direct knowledge of the matter said.
https://nypost.com/2022/06/01/deutsche-banks-dws-ceo-asoka-woehrmann-resigns/
Wall Street has an expiration date for the dollar’s epic rally
June 1, 2022
Americans hoping to take advantage of the greenback’s historic strength with a vacation abroad should consider booking sooner rather than later. After a stunning rally over the past year, the dollar’s stint at multi-decade highs may finally have come to an end.
That is, if a handful of Wall Street strategists are to be believed.
One of them, UBS, told clients Wednesday that “the dollar’s best days may be behind us.”
Back in late April, the U.S. dollar reached its strongest level against the euro since late 2002, peaking at 1.05 euros to the dollar EURUSD, 0.38%, very near “parity” or the level at which one euro would be worth one dollar. Since then, the greenback has softened a bit. Still, one popular gauge of the greenback’s strength against its main rivals — the ICE U.S. dollar index — has gained more than 13% DXY, -0.26% over the past year and more than 6% year to date.
These are massive moves for currency markets, where daily moves are typically measured in basis points, or fractions of a percentage point. Indeed, volatility in the G-10 currency space has been notably elevated since the start of the year, nearing 11 in late May, while remaining above the 10.5 threshold.
https://www.marketwatch.com/story/wall-street-has-an-expiration-date-for-the-dollars-epic-rally-11654107971?mod=mw_quote_news
Russia is sitting on a mountain of cash/gold.
The same day Russia doesn't pay "the vig" Deutsch bank loses the CEO.
Credit Default Swaps are gonna be lit.
The Rocks and Rothies must be wringing their greedy little paws about now.