Swiss financial regulator Finma CEO quits in wake of Credit Suisse collapse
THE head of Switzerland’s financial watchdog Finma has resigned nearly six months after the body drew heavy criticism for failing to prevent the collapse of Credit Suisse.
Urban Angehrn will step down at the end of September 2023, Finma said in a statement on Wednesday (Sep 6).
It appears that the executive, who has led the regulator since November 2021, was quitting for health reasons, with him citing “high and permanent stress” in the role.
“Being able to contribute to the sustainable improvement of the quality of the Swiss financial centre as CEO of Finma was a unique challenge for me, and one that I tackled with all my might,” Angehrn said.
“However, the high and permanent stress level had health consequences. I have considered my decision carefully and have now decided to step down.”
The regulator has come under fire for failing to act sooner or more effectively to halt the string of scandals at Credit Suisse in recent years.
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Switzerland’s second biggest lender came to the brink of collapse in March when rattled savers withdrew billions in cash, triggering a liquidity crisis.
The stricken bank was eventually bought by cross-town rival UBS in a state-engineered 3 billion Swiss franc (S$4.6 billion) rescue.
The acquisition, the biggest banking deal since the 2008 financial crisis, has triggered scores of legal cases brought by disgruntled investors who lost money when certain bonds were wiped out or were unhappy with exchange ratio for their stock.
Finma said its Deputy CEO, Birgit Rutishauser, will act as interim CEO from Oct 1.
“The Board of Directors very much regrets this decision and would like to thank Urban Angehrn for his lasting contribution to Finma during an exceptionally challenging period,” the organisation said in a statement. REUTERS
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