London - Axel Hoerger, the head of UBS AG’s German business, is stepping down, and Thomas Rodermann from Deutsche Bank AG will succeed him, the Swiss bank said.
Hoerger will leave UBS at the end of March after about four years as chief executive officer in Germany, the bank said in a statement on Thursday. He will continue to lead the business until Rodermann takes over.
Rodermann, 49, is currently the head of advisory banking in Germany for Deutsche Bank, according to a resume distributed by UBS.
“His task will be to further strengthen UBS’s position in the Frankfurt financial centre and in Europe,” said Roland Koch, chairman of UBS Deutschland.
UBS said in July it paid about 302 million euros ($386 million) to settle a German investigation of allegations it helped clients evade taxes. The bank has asked its German clients to provide evidence of their tax compliance.
Bloomberg