The Swiss Financial Market Supervisory Authority (FINMA) has today announced the appointment of Stefan Walter as its new Chief Executive Officer, effective from April 1, 2024. Walter, with his impressive tenure as the Former Director General at the European Central Bank (ECB), is recognised as a highly experienced figure in the realm of international banking supervision.
Swiss FINMA Appoints Ex-ECB Director Stefan Walter As Its New CEO
A German national, 59-year-old Walter’s extensive background in the financial sector is marked by significant roles at global financial institutions. His stint at the ECB, which began in 2014, saw him supervising major banks within the eurozone. In 2020, he transitioned to a role that entailed overseeing risk supervision, focusing on diverse risk categories, including credit and liquidity risks.
Marlene Amstad, the Chair of FINMA’s Board of Directors, mentioned: “FINMA is gaining an experienced leader in Stefan Walter with a wealth of international financial market experience in banking supervision. Particularly, his knowledge in large bank supervision and his links to international supervisory authorities will be a great asset for FINMA’s supervision of the systemically important Swiss banks.”
Prior to his role at the ECB, Walter was associated with Ernst & Young as the Global Bank Regulatory and Supervisory Policy Network Leader for two years. His most notable contribution to the field of banking regulation was from 2006 to 2011 when he served as the Secretary General of the Basel Committee on Banking Supervision.
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During this period, Walter played a pivotal role in guiding international negotiations on regulatory reforms aimed at strengthening the global financial system, particularly in the aftermath of the global financial crisis. This significant achievement was emphasised in a statement released on FINMA’s website.
FINMA has recently faced challenges, particularly in light of Urban Angehrn’s resignation as CEO in September 2023 due to health reasons. Angehrn’s tenure, which started in November 2021, coincided with the tumultuous period for FINMA, notably marked by the Credit Suisse crisis.
Reuters reported that Angehrn’s departure came amidst intense scrutiny of FINMA’s handling of the situation at Credit Suisse, leading to questions about the regulator’s effectiveness. Angehrn’s resignation was seen as a pivotal moment for FINMA and the wider financial landscape. During his leadership, he recognised the unique challenges of enhancing the Swiss financial centre.
