CEO of Deutsche Bank’s DWS Resigns

The CEO of Deutsche Bank's asset management subsidiary DWS Group will soon step down from his position, the day after the German authorities raid the Frankfurt office.

Asoka Woehrmann, who lead the group from the end of 2018, will resign after the DWS Group's annual meeting on June 9. He will be taken over by Stefan Hoops, now head of Deutsche Bank's Corporate Banking Division, on June 10.

A change in leadership took place after about 50 agents from the Frankfurt Prosecutor's Office, along with German market regulator BaFin and the German Federal Criminal Police office, raided Deutsche Bank and the Frankfurt office of the DWS Group on Tuesday. 

The office raid was prompted by an investigation of green-washing allegations when companies or funds make misleading claims about their products, environment, society, or governance qualifications in the DWS Group,

Mr. Woehrmann is a veteran wealth manager who managed the retail banking operations of Deutsche Bank in Germany prior to his current position. Born in Sri Lanka, Mr. Woehrmann joined the bank in 1998 after studying economics in Germany.

Mr. Hoop will undertake the asset management at Deutsche Bank, a creditor announced Wednesday, and his role as a corporate banker will be taken over by David Lynne, who is now responsible for corporate banking in the Asia Pacific region.