Urban Angehrn was replaced by a German: Stefan Walter became the new Finma director

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The financial markets supervisory authority (Finma) gets a German boss. As of April 1, 2024, Urban Angehrn (57) will be replaced as Finma Director by Stefan Walter (59). He announced his resignation at the end of September 2023. The justification given at the time was the “high and long-term burden” of the office, which had health consequences.

Since then, Birgit Rutishauser has been running the business on an interim basis and will remain in this position until the end of March 2024.

The Federal Council today approved the election of Finma’s Board of Directors.

Extensive experience in the financial sector

Stefan Walter has been the Managing Director of the European Central Bank (ECB) since 2014. First, it established banking supervision for systemically important banks in the Eurozone. Nine of these were among the globally systemically important banks. He served as chairman of the department for six years. He was given the task of establishing horizontal supervision at the ECB from 2020. This included all risk areas, particularly credit and liquidity risks, as well as the design and implementation of stress tests.

Before working at the European Central Bank, Walter served as Global Bank Regulation and Supervision Policy Network Leader at Ernst & Young for two years. He served as Secretary General of the Basel Committee on Banking Supervision from 2006 to 2011. In this role, Stefan Walter was tasked with coordinating international negotiations on regulatory reform during the global financial crisis with the aim of strengthening the global financial system. He previously served in various positions at the Federal Reserve Bank of New York for thirteen years, most recently as Senior Vice President of Supervisory Policy, Financial Analysis and Financial Stability.

Stefan Walter studied at the University of California at Berkeley and Columbia University and holds a master’s degree in International Banking and Finance. (SDA/rae)

Source :Blick