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.
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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.
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.
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.
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