Finance
Swiss Regulator’s New Head Seeks Power to Curb Bank Growth
- Finma head says lenders shouldn’t seek expansion at all costs
- UBS Chairman Kelleher welcomes Finma scrutiny on strategy
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The head of Switzerland’s financial watchdog is seeking the power to rein in banks’ business models as part of his campaign to strengthen the agency.
Finma should be able to intervene if a lender were to put “growth over everything, with no interest in controls and infrastructure,” Chief Executive Officer Stefan Walter said at a conference hosted by the European Central Bank on Tuesday. He’s “very focused” on getting the power to launch an “early intervention” and force any such firm to change, he said.