Deutsche Bank (DWS Group)

New York
Banks, Diversified Financials

Risk Level:

Rating - Danger
High Risk

Summary:

Deutsche Bank has canceled business relationships with those who do not share the beliefs of its leadership, such as former President Trump and various 2020 Republican election objectors. The bank will not finance oil and gas-related projects. Deutsche Bank sponsors many ideological campaigns, such as the Equality Act, and has donated to groups such as Planned Parenthood while providing travel benefits for abortions. For these reasons, Deutsche Bank receives a "High Risk" rating.

Criteria
Risk Level
Rationale
Corporate Weaponization
Criteria

Has denied service to customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level
Rationale

Deutsche Bank received a score of 100 on the Corporate Equality Index from the Human Rights Campaign (HRC) (1). Among other requirements, this means the company has pledged to vet vendors for LGBTQ policies. After the incidents at the Capitol on January 6, 2021, Deutsche Bank permanently severed all financial ties with then-President Donald Trump, despite decades of close cooperation (2)(3). The bank also announced that it would ban any election objectors in the US House or Senate from utilizing its services (4). Despite this moralistic stance towards Trump, Deutsche Bank has been hard-pressed to rethink its ties with Russia following the 2022 invasion of Ukraine; the bank only decided to “wind down” its operations in Russia after significant public backlash to its earlier refusal to do so (5). Deutsche Bank will not finance a wide array of specific energy operations, including the development of coal-fired plants or most fracking projects (6).

Criteria

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level
Rationale

Since Deutsche Bank is a German organization that is listed on both the Frankfurt Stock Exchange and the New York Stock Exchange, the bank’s operations are subject to both German and American law, depending on the specific circumstance. Deutsche Bank’s United States-specific donation matching program prohibits contributions to “organizations that discriminate on the basis of race, religion, creed, national origin, disability, handicap, age, sexual orientation, mental status, veteran status or any other basis prohibited by law.” The program also disallows “gifts to religious/political organizations” and donations to “organizations that promote political or religious causes (1).

Criteria

Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.

Risk Level
Rationale

The Deutsche Bank Group Code of Conduct does not protect employees from political viewpoint discrimination in any of the bank’s divisions or countries of operation (1).

Corporate Governance and Public Policy
Criteria

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level
Rationale

Deutsche Bank signed the Business Coalition for Equality Act (1). Deutsche Bank’s top executives have publicly announced opposition to the 2021 state-level election security laws in Georgia (2). Deutsche has signed HRC denunciations of state-level LGBTQ laws (3). In 2016, Deutsche halted its plans to expand its North Carolina facilities in response to the state bill requiring people to use the bathrooms assigned to their biological sex (4). Deutsche Bank also publicly opposed the Florida Parental Rights in Education Act (5). Deutsche Bank has publicly lauded the Black Lives Matter movement (6). Deutsche Bank is a member of the Partnership for Global LGBTQI Equality (7). Interestingly, despite Deutsche Bank’s insistence on environmentally friendly financing, its asset management division DWS Group (80% owned by Deutsche) was raided by German authorities in 2022 due to concerns that its “ESG-friendly” investment funds were fraudulent (8).

Criteria

Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.

Risk Level
Rationale

In response to the overturning of Roe v. Wade, Deutsche Bank expanded its employee medical coverage and agreed to provide travel benefits for abortion (1). According to several sources, Deutsche Bank has directly funded Planned Parenthood, although the persistence of the funding is unclear (2)(3). Deutsche has contributed to a Gay, Lesbian and Straight Education Network education campaign (4).

Criteria

Uses corporate political contributions for ideological, non-business purposes.

Risk Level
Rationale

The Deutsche Bank Americas Corp. PAC has been largely inactive since the 2019–2020 fiscal year (1). However, earlier trends indicate bipartisan spending in accordance with business interests (2).

All links were last accessed and all information was updated on:
March 21, 2023

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