Switzerland’s monetary markets authority is getting a brand-new chief executive as the nation looks at methods to enhance banking policies following the crisis at Credit Suisse
ByJAMEY KEATEN Associated Press
January 24, 2024, 8: 59 AM
GENEVA — Switzerland’s monetary markets authority is getting a brand-new chief executive as the abundant Alpine nation looks at methods to reinforce policies after UBS fast took over ailing competitor Credit Suisse last year partially to avoid a worldwide banking crisis.
The Swiss federalgovernment on Wednesday chosen Stefan Walter, a 59-year-old German nationwide who was director-general of the European Central Bank for the last years, to head the Swiss monetary authority understood as FINMA.
The company played a secret function, along with federalgovernment authorities and bank executives, in striking the megamerger worth 3 billion Swiss francs ($3.48 billion) after Credit Suisse consumers quickly pulled out their cash following years of scandals. Swiss authorities feared the collapse of such a significant financing organization might evenmore roil worldwide monetary markets following the failure of 2 U.S. banks last year.
The problems at Credit Suisse threatened to unhinge Switzerland’s position as a leading monetary market, and the takeover left the nation