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
FILE – The logodesigns of the Swiss banks Credit Suisse and UBS are imagined in Zurich, Switzerland, on June 12,2023 Switzerland’s monetary markets authority states German nationwide Stefan Walter will be its next chief executive. The consultation comes as the abundant Alpine nation is looking at methods to reinforce is regulative toolkit after last year’s smashhit takeover of Credit Suisse by Zurich competing UBS. (Ennio Leanza/Keystone through AP, File)
The Associated Press
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