Swiss financial regulator gets a new leader as UBS-Credit Suisse merger sparks calls for reform
Switzerland’s financial markets authority is getting a new chief executive as the country looks at ways to strengthen banking regulations following the crisis at Credit Suisse
GENEVA (AP) — Switzerland's financial markets authority is getting a new chief executive as the rich Alpine country looks at ways to strengthen regulations after UBS hurriedly took over ailing rival Credit Suisse last year partly to prevent a global banking meltdown.
The Swiss government on Wednesday selected Stefan Walter, a 59-year-old German national who was director-general of the European Central Bank for the last decade, to head the Swiss financial authority known as FINMA.
The agency played a key role, along with government officials and bank executives, in striking the megamerger worth 3 billion Swiss francs ($3.48 billion) after Credit Suisse customers rapidly pulled out their money following years of scandals. Swiss authorities feared the collapse of such a major lending institution could further roil global financial markets following the failure of two U.S. banks last year.
The troubles at Credit Suisse threatened to unhinge Switzerland's position as a leading financial market, and the takeover left the country with only one internationally important bank: UBS.
