Shortly after searches of Deutsche Bank and its fund subsidiary DWS on suspicion of money laundering, the financial institution announced that it would replace DWS President Asoka Wöhrmann. Wöhrmann is set to succeed on June 10 the former head of the corporate customer division, Stefan Hobbs, the group announced last night. According to Deutsche Bank, Wöhrmann was separated by “consensus”.
The Prosecutor’s Office and Baffin’s Financial Supervisory Authority inspected the premises of the bank and its branch in Frankfurt am Main on Monday. It’s about marketing green financial products – they are said to be sold as more sustainable than they actually are. So the background is advice from a former DWS director who contacted the responsible authorities in the United States last year.
Deutsche Bank Executive Vice President and Chairman of the DWS Supervisory Board, Karl von Rohr, explained that Wöhrmann has had “a significant role in the success of our asset management in recent years”. In turn, Hoops brings “the necessary strategic foresight, digitization expertise, and management skills” to his successor.
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