Head of Swiss financial watchdog resigns
The head of Switzerland's financial watchdog FINMA has resigned just months after the regulator was criticised for its role in the collapse of Credit Suisse.
Urban Angehrn will step down at the end of September 2023, Swiss Financial Market Supervisory Authority (FINMA) said in a statement on Wednesday.
Deputy CEO, Birgit Rutishauser, will act as CEO ad interim with effect from October 1, it said. The board of directors has initiated the process for a replacement.
Rutishauser will also be available to assist Angehrn with an orderly handover and for follow-up work following the takeover of Credit Suisse by UBS.
+ Swiss regulator calls for more power after Credit Suisse turmoil
Angehrn became FINMA’s chief executive officer in November 2021. He and his team, in close coordination with the Federal Department of Finance and the Swiss National Bank, played a key role in overcoming the crisis surrounding Credit Suisse – the greatest challenge in Finma’s history, the watchdog said.
+ How the Swiss ‘trinity’ forced UBS to save Credit Suisse
In the FINMA statement, Angehrn said he had decided to step down after carefully considering his decision. “However, the high and permanent stress level had health consequences,” he said.
FINMA has faced repeated criticism in recent years, also in connection with failures at Credit Suisse, which ultimately led to the downfall of the bank.
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles. You can find them here.
If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.
External Content
Your subscription could not be saved. Please try again.
Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
More
Swiss-Kenyan filmmaker sets lo-fi love story in hi-tech future
More
The global private education industry is coming for Switzerland’s expensive schools
More
Will Switzerland finally do away with imputed rental-value tax on homeowners?
More
Lost in limbo: calls for repatriation of Swiss jihadist detainees in Syria grow louder
More
Vitol: the secretive trading giant minting fortunes for its employees
News
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.