After the raid on Deutsche Bank and its fund subsidiary DWS because of the allegation of greenwashing, the institute pulls the ripcord: The controversial DWS boss Asoka Wöhrmann has to go.

The decision was announced early Wednesday morning.

The accusation that DWS has declared financial products as sustainable, even though they weren't, has been around for a long time.

They were raised by the head of sustainability, Desiree Fixler, who then fired Wöhrmann.

Rightly so, as a Frankfurt court ruled.

The list of allegations against Wöhrmann himself is even longer: he is said to have used private email accounts or the WhatsApp news service for business communication, and he is also said to have had dubious business connections.

It is in the message

which Deutsche Bank did not make the speech at 4 a.m. on Wednesday morning.

Wöhrmann is said to have resigned from his post “in agreement with the company”.

The DWS boss is not leaving immediately either, but promptly: at the end of the DWS general meeting on June 9th.

Archibald Preuschat

Editor in Business

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When saying goodbye to Wörmann, there were words of praise from the entire top management of Deutsche Bank.

"Asoka Wöhrmann has played a major role in the success of our asset management in recent years," said Karl von Rohr, Deputy CEO of Deutsche Bank and Chairman of the Supervisory Board of DWS, according to the announcement.

Under his leadership, DWS has expanded its market position and maintained it well in what has recently been a challenging environment.

"We would like to thank him for this, as well as for his contribution in previous positions, including in the private customer business of Deutsche Bank in Germany," continued von Rohr.

"I would also like to thank Asoka Wöhrmann for his impressive work and performance for DWS and Deutsche Bank," Deutsche Bank CEO Christian Sewing is quoted as saying.

Wöhrmann's successor is Stefan Hoops, who has previously headed the corporate bank.

"In Stefan Hoops, we have gained a proven capital market specialist for the helm of DWS, who brings the necessary strategic foresight, digitization expertise and management skills for this role," said von Rohr according to the announcement.

Hoops assumes responsibility for wealth management at the group level and will become Chief Executive Officer of DWS Group effective June 10.

On Tuesday, the authorities not only searched the business premises of DWS but also the headquarters of Deutsche Bank in Frankfurt in connection with the greenwashing allegations.

Deutsche Bank is the main shareholder of the listed DWS with almost 80 percent.