UBS has named Axel Hoerger head of wealth management in Germany, replacing Stephan Zimmermann, this publication can confirm.

Mr Hoerger, who previously worked at Goldman Sachs Group, takes up his new role on 1 June and joins the management board at the German unit.

Mr Zimmermann, who is also giving up his post as the head of the management board at the German unit, is taking over as group internal audit at UBS in Zurich, the report said. A new chief executive for UBS Deutschland will be announced by 31 May at the latest.