Top executive Urban Angehrn of Swiss financial watchdog Finma is stepping down in the wake of Credit Suisse’s collapse earlier this year. He says the crisis surrounding Credit Suisse, which was eventually taken over by industry peer UBS, had a negative impact on his health because of all the stress involved.

Angehrn is stepping down from the Finma at the end of this month. He had headed the financial watchdog since November 2021. The Finma was accused of not doing enough to combat all the scandals at Credit Suisse, which eventually led to the collapse of Switzerland’s second largest bank. The regulator itself said it had too little power, for example, because it cannot impose fines on banks.

The Finma chief is now being succeeded on a temporary basis by deputy chief executive Birgit Rutishauser. Finma itself says it regrets the 58-year-old Angehrn’s decision to leave.

Credit Suisse was taken over by UBS in March during a hectic weekend to prevent an even bigger crisis in the Swiss banking sector. In the process, the Swiss government offered billions in guarantees. In Switzerland, the takeover led to public and also political discontent.

About the author: Louise Roth

Louise Roth is the youngest member of WeeklyNewsReview team. Despite the young age Louise is interested in serious topics. Her main interests and education is all about economics and politics. But in our team she is the most productive do-it-all member, so she has to write on a variety of topics.

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