German executives rally behind warning against 'Wolf of Wall Street' machismo

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Finance

Posted By Global Banking and Finance Review

Posted on January 17, 2025

German executives rally behind warning against 'Wolf of Wall Street' machismo

By Andrey Sychev

(Reuters) - A LinkedIn post by the CEO of German asset manager DWS warning against growing "anti-woke" rhetoric has sparked a wave of support from other executives ahead of a national election next month.

"I am worried that the anti-woke rhetoric will lead us straight back to the macho 'Wolf of Wall Street' era," Stefan Hoops wrote in the post from three days ago, referring to the Hollywood movie based on the memoir of controversial U.S. fund manager and convicted fraudster Jordan Belfort.

The post has since garnered supportive comments from high-ranking members of the German financial community, including senior managers from Deutsche Bank and SAP, as well as partners from consulting firms Deloitte and EY, and C-suite managers from Bosch Mobility and fintech N26, according to their LinkedIn profiles.

Hoops' post is a rare political statement from a leading figure in German corporate circles, amid growing nationalist rhetoric from the far-right ahead of the election next month.

The term "woke" refers to a focus on racial and social justice but has been used by conservatives to criticize progressive policies.

Hoops, the 44-year-old CEO of DWS, a Deutsche Bank asset management subsidiary listed in 2018, said political discourse had become more extreme in recent years. He emphasised the importance of maintaining a zero-tolerance stance on sexual harassment and ensuring equal opportunities for all.

As of Friday, his post, featuring a photo of him lifting weights in a gym, had received 4,429 reactions, 193 mostly positive comments, and 45 reposts.

(Reporting by Andrey Sychev. Editing by Ludwig Burger and Mark Potter)

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