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The Swiss Financial Market Supervisory Authority (FINMA) is reorganizing to enhance its oversight capabilities following the Credit Suisse crisis. A new division for "Integrated Risk Expertise" will focus on in-depth supervision and on-site inspections, while the "Markets" and "Asset Management" divisions will merge to improve risk management. This restructuring aims to ensure more effective protection for financial market clients and the overall functioning of financial markets.
Birgit Rutishauser, deputy to Finma Director Stefan Walter and head of the insurance division, is leaving the financial markets supervisory authority after nine years for new professional challenges, with her last day on April 30. She served as acting director for six months following Urban Angehrn's resignation and received praise for her leadership during a challenging period. Finma also announced an organizational reorganization, creating a new cross-division for "integrated risk expertise" and merging the Markets and Asset Management divisions.
UBS will propose Renata Jungo Brüngger and Lila Tretikov for election to its Board of Directors at the Annual General Meeting on April 10, 2025, succeeding Claudia Böckstiegel and Nathalie Rachou, who are not seeking re-election. Jungo Brüngger, an expert in law and sustainability, currently serves on the Board of Mercedes-Benz Group, while Tretikov specializes in artificial intelligence and technology transformation, leading AI strategy at New Enterprise Associates.
Urban Angehrn, the former director of Finma, will join the board of directors at Partners Group, a private equity firm based in Baar. With a background in physics and mathematics, he will focus on growth initiatives in the insurance sector. Angehrn previously led Finma during a critical period, including the collapse of Credit Suisse.
Urban Angehrn, the former director of FINMA, has joined Partners Group to enhance its insurance sector, following his departure amid the Credit Suisse crisis. This trend of ex-regulators moving to private firms raises concerns about the effectiveness of oversight in Switzerland's financial industry. Meanwhile, Patrick Raaflaub of Swiss Re will retire in 2025, with the company opting for an internal successor rather than another external hire from the regulatory sphere.
Partners Group has announced the nomination of Urban Angehrn, former CEO of Finma, to its Board of Directors, with the vote scheduled for the Annual General Meeting on May 21, 2025. Angehrn brings extensive experience from his tenure at Finma and Zurich Insurance Group, which will aid Partners Group in navigating the complexities of the private markets industry.
Around 3,000 investors are seeking to recover billions lost in the Credit Suisse bailout, with legal actions underway in both Switzerland and the USA. The PUK report reveals that the AT1 bond write-off was a key part of the UBS acquisition deal, raising questions about its legality and the federal government's role. Plaintiffs argue that the bonds should not have been written off due to a liquidity issue, potentially leading to significant financial repercussions for UBS and the Swiss government.
The recent PUK report on Credit Suisse highlights the urgent need for competent leadership in Swiss banking, emphasizing that past failures stemmed from greed and lack of integrity among managers. Recommendations include stricter equity requirements for UBS and a review of bonus systems, as well as easier penalties for non-compliance. The report warns that without significant reforms, future banking crises could have devastating impacts on Switzerland's economy.
In December 2022, Ueli Maurer misled the public about the stability of Credit Suisse, despite knowing the bank was in crisis. Following a significant liquidity outflow, he and CS Chairman Axel Lehmann falsely assured the public of a stabilized situation, while internal discussions revealed growing concerns about the bank's viability. By late December, CS's liquidity had drastically diminished, leading to its eventual downfall just months later.
The Swiss parliament's inquiry into Credit Suisse's collapse criticized the financial regulator Finma for granting inappropriate capital relief, which masked the bank's true financial state. The report highlighted years of mismanagement at Credit Suisse and called for enhanced regulatory powers for Finma, including the ability to impose fines on banks and their executives. It also urged the government to reform the bonus system and improve crisis response measures, paving the way for new financial legislation in Switzerland.
Urban Angehrn
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