The deputy head of Switzerland's financial regulator died at 53. The former UBS banker-turned-watchdog had been second-in-command to Finma boss Mark Branson since October.
Finma's deputy CEO Michael Loretan died suddenly on Tuesday, the Swiss financial regulator said in a statement on Friday. The 53-year-old former Swiss banker had been the deputy of Finma CEO Mark Branson since October.
«It was with great sadness that we learned of the death of Michael Loretan on Tuesday, 22 January 2019,» Finma said. «Although he had been ill for a long time, his death came unexpected.»
Ex-UBS Banker
A lawyer by training, Loretan joined Finma in 2011 from UBS, where he was a senior risk and compliance officer. His chief role at Finma was to regulate Credit Suisse. Three years after joining, Branson appointed him to Finma's top management to oversee asset managers.
Loretan was promoted to Branson's deputy when another Finma executive, insurance expert Peter Giger, left last September for the private sector. «Michael Loretan's death leaves a big void. We express our sincere condolences to his family,» Finma said. The regulator didn't immediately name a replacement as Branson's deputy.
