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.
More
Documentary portrays Swiss teenagers forced to return to parents’ homeland
More
What Trump’s return or a new Harris administration would mean for Switzerland
More
Gold-digging: why some Swiss bury their wealth in the garden
More
Love at new heights: Swiss hiker creates ‘Tinder for the mountains’
More
Will Swiss voters accept standardised financing of healthcare?
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.