Behind the scenes, however, it appears there was a conflict of interest in the way Fixler’s allegations were investigated.

While PwC was brought in to look into Fixler’s accusations, the accounting firm did not contact her and concluded its report based solely on data collected from DWS, the Financial Times reported. In a separate case, the “Big Four” company received €300,000 for consulting DWS on its net-zero strategy when setting up its probe.

Controversially, outgoing chief executive Woehrmann fired Fixler in March 2021 on the grounds that her division had not made enough progress towards the asset manager’s green investing goals. Fixler then sued for wrongful termination, but lost the case in January.

However, this is not the first time that Woehrmann, whose resignation takes effect on June 9, has found himself in the spotlight.

In early 2021 he was mired in a scandal for extensive use of a personal email account to conduct company business and for wire transfer €160,000 (£136,000) to a Deutsche client Bank four years earlier. Both parties later said the transaction was part of an unsuccessful attempt to purchase a Porsche.

For Germany’s biggest lender, the failure of its ethical reset could spark a crisis as one of a long list of scandals.

In September 2016, the US Department of Justice fined the lender $14 billion for misunderwriting residential mortgages, of which approximately $7.2 billion was later paid as part of a settlement. A year later, he paid US and UK authorities $630 million to settle a money laundering case in Russia.

Meanwhile, Deutsche Bank has struggled to regain its footing since the financial crisis that saw it rank as the world’s largest bank by assets.

Revenues are currently down a quarter from all-time highs, while it cut its workforce by a fifth – 18,000 jobs – and shuttered its global equities business.

Couture, meanwhile, has struggled to materialize plans to merge Deutsche Bank with another European lender to fulfill German ambitions of having a European banking champion to compete with its more successful US counterparts. In 2019, it ended a possible merger with Commerzbank, Germany’s second largest lender.

As Deutsche Bank faces the latest crisis, new DWS chief Hoops is sure to have a big stack in his bin.