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.
This content was published on
2 minutes
Keystone-SDA
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.
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.
Popular Stories
More
Banking & Fintech
UBS releases ‘hundreds’ of staff in fresh wave of job cuts
Should Switzerland take measures to support its struggling industries?
Industrial policies are back in fashion, not only in the United States but also in the EU. Should Switzerland, where various industries are struggling, draw inspiration from such policies?
As a Swiss Abroad, how do you feel about the emergence of more conservative family policies in some US states?
In recent years several US states have adopted more conservative policies on family issues, abortion and education. As a Swiss citizen living there, how do you view this development?
This content was published on
The parents of the young jihadist who left for Syria to join the Islamic State have been given suspended sentences by the Federal Criminal Court.
This content was published on
Felix Lehner, Pamela Rosenkranz and Miroslav Sik have been awarded the Swiss Grand Award for Art/Prix Meret Oppenheim 2025.
Nearly 2% of new Swiss disability insurance claims involve Long Covid
This content was published on
Just under 2% of new claims submitted to the disability insurance between 2021 and 2023 concern people suffering from Long Covid.
This content was published on
The watch industry had to contend with a weakening of its exports last year, which reached a volume of CHF25.9 billion ($28.5 billion).
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.
Read more
More
Competition watchdog still looking at UBS takeover of Credit Suisse
This content was published on
According to a media report, the Swiss Competition Commission could still demand conditions from UBS during the takeover of Credit Suisse.
UBS poised to keep Credit Suisse domestic bank and drop brand
This content was published on
UBS is reportedly poised to decide in favour of keeping Credit Suisse’s domestic bank, ending months of speculation about the future of the business.
Swiss investors in Credit Suisse join class action challenging UBS deal
This content was published on
UBS is facing a new legal challenge to its takeover of Credit Suisse after a group of leading Swiss investors joined a class-action lawsuit.
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.