Urban Angehrn, CEO of the Swiss Financial Market Supervisory Authority (Finma), is stepping down at the end of September, citing health issues linked to job-related stress. Deputy Director Birgit Rutishauser will become the interim director starting Oct. 1, according to a statement from the agency.
Angehrn's abrupt departure has caught Swiss media and industry analysts off guard. Swiss newspaper Neue Zuricher Zeitung has called the move surprising and commented that his position is “job from hell”. The resignation comes at a time when Finma has faced criticism for its role in the controversial forced merger between UBS and Credit Suisse.
Finma’s role under the microscope
Finma is likely to be closely examined in a forthcoming parliamentary inquiry into Switzerland's handling of its recent banking crisis. The agency has been criticised for a "too little, too late" approach to Credit Suisse's long-standing management problems, as reported by Neue Zürcher Zeitung. The paper also noted that while Finma has been rigorous with smaller institutions, it appeared to hesitate when dealing with Credit Suisse.
The scrutiny is amplified by the fact that Finma had certified Credit Suisse as financially stable in terms of capital and liquidity shortly before the bank's downfall. This raises questions about the regulatory agency's oversight effectiveness.
Angehrn denies culpability
In a guest commentary for Neue Zürcher Zeitung published 5 July, Angehrn absolved himself and Finma of any direct responsibility for Credit Suisse’s collapse. He stated that the blame rested with the strategic and operational decisions made by Credit Suisse itself. Angehrn emphasised that Finma is not responsible for the day-to-day operational activities of the banks it supervises.
Before taking the helm at Finma in late 2021, Angehrn had an extensive career in institutional asset management. He served as Chief Investment Officer at Zurich Insurance Group from 2015 to 2021 and held several key positions in asset management at other firms, including the now-defunct Winterthur, which has since been absorbed by AXA, as well as Credit Suisse First Boston and JP Morgan.
Rutishauser will inherit a role under considerable scrutiny as she takes over a regulatory body facing multiple challenges, including an ongoing parliamentary inquiry. The transition occurs as Switzerland's financial industry faces pivotal changes and potentially stricter regulatory oversight.
