FINMA Director Urban Angehrn to Step Down at the End of the Month
Published: Wednesday, Sep 6th 2023, 12:00
Updated At: Friday, Oct 13th 2023, 14:12
Back to Live Feed
Urban Angehrn, the director of Finma, has unexpectedly resigned at the end of the month due to health issues. His deputy Birgit Rutishauser will take over the role on 1st October. The Finma board has expressed regret at his departure and thanked him for his work in leading the organisation during the Credit Suisse crisis. Angehrn had taken up the role of director in November 2021, replacing Mark Branson who had left after seven years to join the German financial regulator Bafin. During his two years in charge, Angehrn had led the organisation with both competence and humanity, working closely with the financial department and the Swiss National Bank to manage the Credit Suisse crisis. The Finma has come under criticism for its limited powers, as it can only impose restrictions such as confiscating profits, banning people from the industry and demanding organisational changes. Angehrn had previously advocated for the organisation to have the power to impose sanctions, which is a common practice in other financial centres. In light of the Credit Suisse crisis, the Finma has announced that it will be increasing its resources to oversee the UBS, with 22 people being directly assigned to the task. The members of the board have also been confirmed, with René Keller, the former CIO of Standard Chartered Bank in Singapore, being newly elected. The board consists of seven to nine members, and is appointed by the Federal Council.nnnnnnnnnnnnnnnnnnnnnnnnnn
©Keystone/SDA
English 
German 
French 
Spanish 
Arabic