FINMA CEO steps down in the wake of Credit Suisse fiasco
<img width="250" height="167" src="https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-FINMA-CEO-steps-down-in-the-wake-of-Credit-Suisse-fiasco-5120774485iStock-1313334817-250×167.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-FINMA-CEO-steps-down-in-the-wake-of-Credit-Suisse-fiasco-5120774485iStock-1313334817-250×167.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-FINMA-CEO-steps-down-in-the-wake-of-Credit-Suisse-fiasco-5120774485iStock-1313334817-700×468.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-FINMA-CEO-steps-down-in-the-wake-of-Credit-Suisse-fiasco-5120774485iStock-1313334817-768×513.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-FINMA-CEO-steps-down-in-the-wake-of-Credit-Suisse-fiasco-5120774485iStock-1313334817-120×80.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-FINMA-CEO-steps-down-in-the-wake-of-Credit-Suisse-fiasco-5120774485iStock-1313334817-245×164.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-FINMA-CEO-steps-down-in-the-wake-of-Credit-Suisse-fiasco-5120774485iStock-1313334817-500×334.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-FINMA-CEO-steps-down-in-the-wake-of-Credit-Suisse-fiasco-5120774485iStock-1313334817.jpg 1253w" sizes="(max-width: 250px) 100vw, 250px" /><p><span data-contrast="auto">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.</span></p>
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<p><span data-contrast="auto">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:</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<blockquote><p><span data-contrast="auto">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.</span><span data-ccp-props="{"201341983":0,"335559685":720,"335559739":160,"335559740":259}"> </span></p></blockquote>
<p><span data-contrast="auto">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:</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<blockquote><p><span data-contrast="auto">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.</span><span data-ccp-props="{"201341983":0,"335559685":720,"335559739":160,"335559740":259}"> </span></p></blockquote>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/news/finma-ceo-steps-down-in-the-wake-of-credit-suisse-fiasco/">FINMA CEO steps down in the wake of Credit Suisse fiasco</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>
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