Head of Swiss financial regulator quits

(Sharecast News) - The head of Switzerland's financial watchdog is to step down, it was confirmed on Wednesday, less than two years into the role. Finma chief executive Urban Angehrn - who earlier this year oversaw UBS's controversial rescue of the stricken Credit Suisse - said he would leave at the end of the month.

Angehrn appeared to blame the role's "high and permanent" stress levels.

The 58-year-old, who took over as chief executive in November 2021, said: "Being able to contribute to the sustainable improvement of the quality of the Swiss financial centre 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.

"It is very difficult for me to hand over this task, but this is a step guided by reason."

Angehrn's deputy, Birgit Rutishauser, becomes interim chief executive with effect from 1 October while a permanent replacement is recruited.

Credit Suisse, which has been rocked by a series of scandals in recent years, was left on the brink of collapse in March after panicked savers started withdrawing billions. Finma stepped in to save the bank, engineering UBS's Swiss FR3bn takeover.

But the regulator has faced criticism for allowing Credit Suisse to come so close to collapse. Investors are also suing Finma after $17bn worth of Credit Suisse convertible bonds were wiped by the takeover.

Marlene Amstad, chair of Finma's board of directors, said: "During his term of office, Urban Angehrn had to cope with and be responsible for an extraordinary wealth of tasks in a wide variety of areas in addition to the day to day business. He fulfilled them with the highest personal commitment and great reliability."