Mark Branson (born 9 December 1968, Colchester, United Kingdom) is a British-Swiss financial market expert and former bank manager. He has been President of the German Federal Financial Supervisory Authority since 1 August 2021 and was Director of the Swiss Financial Market Supervisory Authority (FINMA) from 2014 to 2021.
Life
editEducation
editBranson studied Mathematics and Management Studies (M.A.) at Trinity College, University of Cambridge, from 1986 to 1990, and also obtained a master's degree in Operational Research (M.Sc.) at Lancaster University.[1]
Bank Manager
editInitially, Branson worked for the major Swiss bank Credit Suisse, among other things in a management position in London. Between 1997 and 2009 he held various positions with UBS, another major Swiss bank, including Union Bank of Switzerland (UBS) head of communications from 2001 to 2005. From 2006 to 2008, he held the position of CEO of UBS Securities Japan Ltd. and was country head in Japan. Most recently, he has been CFO of UBS's Wealth Management and Swiss Bank business division in Zurich, responsible for finance and risk control.[1]
Swiss Financial Market Supervisory Authority
editBranson joined the Swiss Financial Market Supervisory Authority (FINMA) on 1 January 2010 as Head of the Banking Division and Member of the executive board. As Head of the Banking Division, he was responsible for the licensing and supervision of all Swiss banks and securities dealers. He was appointed deputy director of FINMA on 1 February 2013. He took office as Director of FINMA on 1 April 2014. He succeeded former Director Patrick Raaflaub, who left FINMA unexpectedly. Branson's appointment as director of the Swiss financial supervisory authority was criticized as he had been the head of UBS in Japan at the time of the manipulation of the Japanese reference interest rate "TIBOR".[2][3] There he was responsible for investment banking, the securities business as well as asset management and wealth management. As a result of the manipulation and the "Libor scandal" respectively, UBS Bank was to pay fines of EUR 2.5 billion and EUR 1.2 billion.[4] The European Commission waived the EUR 2.5 billion fine because UBS helped to clarify the manipulation.[5][6] As director of FINMA, Branson was chairman of the national committee for financial crises and a member of the advisory board "Future Financial Centre". On 1 November 2017, he also became Chair of the Resolution Steering Group (ReSG) of the Financial Stability Board (FSB) and thus a member of its Steering Committee. He also represented Switzerland as a member of the Group of Central Bank Governors and Heads of Supervision (GHOS).[7] He left FINMA at the end of May 2021.[8][9]
Federal Financial Supervisory Authority
editGerman Finance Minister Olaf Scholz (SPD) announced on 22 March 2021 that Branson would succeed Felix Hufeld, former President of the Federal Financial Supervisory Authority (BaFin), by 1 August 2021 at the latest.[10][11][12] Branson took office on 1 August 2021. He is a member of the Financial Stability Committee (AFS) and continues to chair the Resolution Steering Group (ReSG) of the Financial Stability Board (FSB).[13]
References
edit- ^ a b "Mark Branson Direktor" (PDF). Eidgenösschische Finanzmarktaufsicht. Retrieved 20 June 2022.
- ^ "Leiter der Bankenabteilung bei der Finma tritt in den Ausstand". Blick. 4 October 2018. Archived from the original on 18 April 2021. Retrieved 20 June 2022.
- ^ "Mark Branson wird Finma-Direktor". Tages Anzeiger. 27 March 2014. Retrieved 20 June 2022.
- ^ "Libor-Skandal kostet britische Bank 455 Millionen Euro". Süddeutsche Zeitung. 6 February 2013. Retrieved 20 June 2022.
- ^ René Höltschi (4 December 2013). "Die UBS entgeht einer Rekordstrafe". Neue Zürcher Zeitung. Retrieved 20 June 2022.
- ^ "Rütteln am Stuhl des Bankenüberwachers". Tages Anzeiger. 18 December 2012. Retrieved 20 June 2022.
- ^ "Mark Branson". St. Gallen Business Review. 9 May 2019. Retrieved 20 June 2022.
- ^ "FINMA-Direktor Mark Branson tritt zurück". Eidgenösschische Finanzmarktaufsicht. 22 March 2021. Retrieved 20 June 2022.
- ^ "Urban Angehrn wird FINMA-Direktor". Eidgenösschische Finanzmarktaufsicht. 13 July 2021. Retrieved 20 June 2022.
- ^ René Höltschi (22 March 2021). "Mark Branson soll der deutschen Finanzaufsicht zu mehr Biss verhelfen". Neue Zürcher Zeitung. Retrieved 20 June 2022.
- ^ "Chef der Schweizer Finanzaufsicht wird neuer Bafin-Präsident". Spiegel Wirtschaft. 22 March 2021. Retrieved 20 June 2022.
- ^ "Mark Branson wird Bafin-Chef". Süddeutsche Zeitung. 22 March 2021. Retrieved 20 June 2022.
- ^ "Präsident der BaFin". Bundesanstalt für Finanzdienstleistungsaufsicht. Retrieved 20 June 2022.
External links
edit- Mark Branson in the Munzinger-Archiv
- Mark Branson on the website of the German Federal Financial Supervisory Authority (BaFin)
- Mark Branson on the Swiss Financial Market Supervisory Authority FINMA website (CV PDF) (CV PDF)
- Press release of the Federal Ministry of Finance: Scholz nominates Mark Branson to head BaFin. 22 March 2021
- Presseinformation der Eidgenössischen Finanzmarktaufsicht: Press release of the Swiss Financial Market Supervisory Authority: FINMA Director Mark Branson resigns. 22 March 2021.