Swiss financial regulator gets a new leader as UBS-Credit Suisse merger sparks calls for reform

By JAMEY KEATEN
Associated Press

GENEVA (AP) — Switzerland’s financial markets authority is getting a new chief executive as the country looks at ways to strengthen banking regulations following the crisis at Credit Suisse. UBS hurriedly took over its ailing rival last year partly to prevent a global banking meltdown. The Swiss government on Wednesday selected Stefan Walter to head the Swiss markets authority known as FINMA. The agency played a key role, along with government officials and bank executives, in striking the UBS-Credit Suisse megamerger. They feared the collapse of such a major lending institution could further roil global financial markets following the failure of two U.S. banks last year.