Top executives of Switzerland’s financial regulator will take turns as second-in-command to CEO Mark Branson. An insurance expert and newcomer in Finma’s top management is the first to hold the job.
Birgit Rutishauser was promoted to the Bern-based financial regulator’s top management in September. Rutishauser, who studied math, just notched up another promotion: she is the deputy to Finma CEO Mark Branson, according to the regulator’s website.
The role is effectively that of a back-up CEO in case something happens to Branson, a British-Swiss former UBS banker who moved to the regulatory side in 2010. The 47-year-old Rutishauser replaces Michael Loretan, who died suddenly in January, just four months after becoming deputy to Branson. Finma said its board hadn’t defined at what interval the deputy role will rotate.
New Banking Supervisor
She was an underwriter and risk manager for Swiss insurers Zurich and National before joining Finma three years ago. Rutishauser, whose appointment was effective from June, is one of just two women alongside operations head Alexandra Karg in Finma's top management.
The promotion for Rutishauser follows changes in Finma’s banking division, which supervises UBS and Credit Suisse. Last year, lead regulator Michael Schoch was poached by UBS, where he is now head of regulatory affairs. He was replaced by Jan Bloechliger, the lead regulator for Credit Suisse, less than one year ago.
