Deutsche Bank subsidiary CEO resigns after greenwashing raid

BERLIN (AP) — Deutsche Bank subsidiary DWS says its chief executive is resigning after authorities raided its offices as part of a probe into claims that the company exaggerated the sustainable credentials of some of the financial products. DWS said on Wednesday that CEO Asoka Woehrmann plans to step down after the company’s annual general meeting on June 9. In a statement, Woehrmann said “the allegations made against DWS and myself in past months have become a burden for the company, as well as for my family and me.” He added that “to protect the institution and those closest to me, I would like to clear the way for a fresh start.” Woehrmann will be succeeded by Stefan Hoops, who oversees Deutsche Bank’s corporate bank business.