DB - Deutsche Bank's DWS CEO leaves after greenwash raid

Asoka Woehrmann has resigned as CEO of Deutsche Bank's (NYSE:DB) DWS Group after authorities raided its Frankfurt offices on Tuesday to investigate allegations that the asset management business was misleading investors with its ESG claims. Stefan Hoops will take over as CEO of DWS Group, effective June 10, 2022, and will also take responsibility for asset management at the Deutsche Bank (DB) Group level, another role that had been held by Woehrmann. Hoops is currently head of Deutsche Bank's (DB) Corporate Bank. Deutsche Bank (DB) CEO Christian Sewing reaffirmed his confidence in the asset management business, saying it remains an important part of the bank's business model. "We are convinced that DWS will continue its success story under Stefan Hoops’ leadership," he said. The Corporate Bank will be headed by David Lynne, currently head of the Corporate Bank in Asia Pacific and responsible for the Fixed Income and Currencies business

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Deutsche Bank's DWS CEO leaves after greenwash raid