Switzerland's financial regulator named a 41-year-old lawyer to oversee regulation of Swiss banks. The move follows the unexpected departure of 50-year-old supervisor Michael Schoch.
Swiss banks will get a new regulator effective on Monday, when Jan Bloechliger takes over as head of Finma's banks division, the body said on Tuesday. The 41-year-old lawyer has worked at Finma since 2011, and currently supervises Credit Suisse.
Bloechliger replaces Michael Schoch (pictured below), who is leaving Bern for an undisclosed new role outside of the regulator. Schoch was instrumental in developing banking supervision to become more risk-oriented and differentiated, Finma CEO Mark Branson said.
The two will know each other from their previous employer, UBS: Schoch worked alongside UBS' finance chief John Cryan during the landmark 2008 government rescue of the bank.
Collaborate vs Harshness
Bloechliger, who joined Finma in 2011, undoubtedly knows his way around complex banking structures. Little is know of his management or supervisory style: under Branson and Schoch, the regulator has adopted a more collaborative tone towards the industry. By contrast, after the financial crisis, banks regularly griped about the harsh treatment under former CEO Patrick Raaflaub.
Finma's banks head – a job Branson himself held for several years when he joined Finma in 2010 – regulates banks and securities dealers with roughly 100 staff.
