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		</div><p>Deutsche Bank subsidiary DWS said its chief executive is resigning – hours after authorities raided its offices as part of a probe into claims the company exaggerated the sustainable credentials of some of its financial products.</p>
<p>Asoka Woehrmann is set to step down after the company’s annual general meeting on June 9th, DWS said.</p>
<p>He will be succeeded by Stefan Hoops, who currently oversees Deutsche Bank’s corporate and commercial client activities.</p>
<p>In a statement, Mr Woehrmann said DWS is profitable and stable despite difficult market conditions.</p>
<p>“At the same time, 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 was quoted as saying.</p>
<p>“In order to protect the institution and those closest to me, I would like to clear the way for a fresh start.”</p>
<p>Some 50 investigators searched the offices of DWS and Deutsche Bank on Tuesday, Frankfurt prosecutors said.</p>
<p>The raids were triggered by a former manager in charge of sustainability, who claimed that DWS engaged in ‘greenwashing’ by exaggerating the environmental and climate credentials of certain funds it sold.</p>
<p>Prosecutors said initial investigations showed there were sufficient indications that environmental, social, and governance criteria were not considered in a majority of the funds featured in the company’s sales brochures.</p>
<p>Deutsche Bank said on Tuesday that the actions taken by prosecutors were “directed against unknown people in connection with greenwashing allegations against DWS”.</p>
<p>It said: “DWS said that they have continuously co-operated fully with all relevant regulators and authorities on this matter and will continue to do so.”</p>
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