After eleven years at the head of the supervisory authorities of the Swiss financial center (Finma), Mark Branson will carry out the same functions in Germany (BaFin). The Sunday newspaper, based on testimonies from people familiar with the matter, believes that “the real reason for leaving” is not a call from Germany but a personal conflict.
His relations with President Marlene Amstad have reportedly deteriorated following the latter’s increasing involvement in the day-to-day management of Finma. The spokesperson for the supervisory authority told the Sunday newspaper that he was not commenting on the rumors.
Marlene Amstad, after five years as vice-president of Finma, became president at the beginning of this year. In an interview with the NZZ, in February, she detailed her functions.
An increasing intervention of the president?
In addition to strategy, regulation, personnel and budget, it also intends to take care of important matters while the management must concentrate on the day-to-day management of affairs. The new president does intend to indicate the direction to take. It also has a reputation and a considerable network, according to the Sunday newspaper. Aged 52, like Mark Branson, she made a career at Credit Suisse, at the Swiss National Bank, in 2012 at the Bank for International Settlements. A professor at the University of Hong Kong, she would know better than anyone how the Chinese financial system works.
The Sunday newspaper adds that Mark Branson’s salary at Finma, 550,000 francs, would be about double that he will receive at BaFin and that the German authorities are “much more politicized” than Finma. After the Wirecard accounting scandal which resulted in the insolvency of this group of payments, BaFin’s reputation was severely affected.
Sunday, the NZZ Sunday portrays Mark Branson and portrays him as a man who not only used a harsh tone against law-abiding financiers, but walked the talk. In 60 cases, he took the harshest sanction available to him, namely the ban on practicing.