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CEO Asoka Woehrmann will be replaced by Stefan Hoops effective 10 June, after DWS’ annual general meeting on 9 June

The chief executive officer of Deutsche Bank AG's asset-management subsidiary DWS Group will step down, hours after a raid by German authorities on their Frankfurt offices, the German lender said on 1 June.

CEO Asoka Woehrmann said he would resign "in agreement with the company", and will be replaced by Stefan Hoops effective 10 June, after DWS' annual general meeting on 9 June, Deutsche Bank said.

DWS boss resigns after officials raid on Frankfurt offices

Ed Frankl

Deutsche Bank

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