Deutsche Bank’s asset management group, the DWS group, is being investigated by U.S. authorities over claims it made about its sustainable investment practices, the Wall Street Journal reported Wednesday.
According to the WSJ report, federal prosecutors and the Securities and Exchange Commission are investigating DWS after the company’s chief sustainability officer said the firm had exaggerated the use of sustainable investment criteria to manage assets. CNBC was unable to verify the report independently.
A DWS spokesman told CNBC by email that the company does not comment on regulatory issues.
The WSJ reported that DWS had misled investors about its sustainability efforts after struggling with its environmental, social and governance investment strategy.
The SEC was not immediately available for comment when contacted by CNBC.