Head of Swiss financial regulator's Banks division quits

Thomas Hirschi, head of the Banks division of the Swiss Financial Market Supervisory Authority FINMA will leave at the end of August. Hirschi will pursue a new career outside of FINMA, the regulator announced on Tuesday. According to a FINMA spokesperson, Simon Brönnimann, who is currently responsible for the Supervision of Small Banks and Securities Firms division, will now take over the management of the Banks division on an interim basis. +Get the most important news from Switzerland in your inbox Hirschi's definitive successor will be announced at a later date. Credit Suisse crisis Hirschi, who is stepping down, took over responsibility for the Banks division at FINMA in February 2022. He was thus in charge of the division during the height of the Credit Suisse crisis. From October 1, 2023 to March 31, 2024, he was also deputy to the then interim director Birgit Rutishauser. Following the emergency takeover of Credit Suisse by UBS in spring 2023, Hirschi, together with the ...