Urban Angehrn, the Chief Executive Officer of the Swiss Financial Market Supervisory Authority (FINMA), announced he would be stepping down at the end of September. This resignation comes in the wake of condemning criticism regarding the failure of Switzerland’s financial watchdog to halt the crumbling of Credit Suisse.
FINMA CEO steps down in the wake of Credit Suisse fiasco
The regulator received a volley of attacks because it did not act soon or effectively enough to stem the tide of wrongdoings at the world-renowned Swiss bank. This includes connections with Lex Greensill, which led to an approximate $1.8bn loss. Many believe FINMA’s communication with big financial institutions was lacking and that it was negligent in properly overseeing these banks.
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Angehrn, who was head of FINMA since November 2021, cited health issues as his reason for resigning. In a press release by the regulator, he commented:
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. However, the high and permanent stress level had health consequences. I have considered my decision carefully and have now decided to step down.
FINMA responded to this resignation by indicating that its deputy CEO, Birgit Rutishauser, will lead the regulator from 1 October until the appointment of a suitable candidate. It stated:
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.
