Mark Branson
{{Short description|Director of the Swiss Financial Market Supervisory Authority (born 1968)}}
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
= Education =
Branson 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.{{cite web |url=https://www.finma.ch/de/~/media/finma/dokumente/lebenslaeufe/cv-gl-branson.pdf?la=de |title=Mark Branson Direktor |publisher=Eidgenösschische Finanzmarktaufsicht |access-date=20 June 2022}}
= Bank Manager =
Initially, 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.
= Swiss Financial Market Supervisory Authority =
Branson 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".{{cite web |url=https://www.blick.ch/wirtschaft/libor-skandal-leiter-der-bankenabteilung-bei-der-finma-tritt-in-den-ausstand-id2141944.html |title=Leiter der Bankenabteilung bei der Finma tritt in den Ausstand |date=4 October 2018 |publisher=Blick |archive-url=https://web.archive.org/web/20210418050724/https://www.blick.ch/wirtschaft/libor-skandal-leiter-der-bankenabteilung-bei-der-finma-tritt-in-den-ausstand-id2141944.html |archive-date=18 April 2021 |access-date=20 June 2022}}{{cite web |url=https://www.tagesanzeiger.ch/wirtschaft/konjunktur/mark-branson-wird-finmadirektor/story/24047997 |title=Mark Branson wird Finma-Direktor |date=27 March 2014 |publisher=Tages Anzeiger |access-date=20 June 2022}} 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.{{cite web |url=https://www.sueddeutsche.de/wirtschaft/leitzins-manipulation-durch-royal-bank-of-scotland-libor-skandal-kostet-britische-bank-455-millionen-euro-1.1593209 |title=Libor-Skandal kostet britische Bank 455 Millionen Euro |date=6 February 2013 |publisher=Süddeutsche Zeitung |access-date=20 June 2022}} The European Commission waived the EUR 2.5 billion fine because UBS helped to clarify the manipulation.{{cite news |url=https://www.nzz.ch/wirtschaft/unternehmen/rekordbussen-in-libor-skandal-1.18197859 |title=Die UBS entgeht einer Rekordstrafe |author=René Höltschi |date=4 December 2013 |newspaper=Neue Zürcher Zeitung |access-date=20 June 2022}}{{cite web |url=https://www.tagesanzeiger.ch/wirtschaft/ruetteln-am-stuhl-des-bankenueberwachers-/story/15489520 |title=Rütteln am Stuhl des Bankenüberwachers |date=18 December 2012 |publisher=Tages Anzeiger |access-date=20 June 2022}}
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).{{cite web |url=https://www.stgallenbusinessreview.com/author/mark-branson/ |title=Mark Branson |date=9 May 2019 |publisher=St. Gallen Business Review |access-date=20 June 2022}}
He left FINMA at the end of May 2021.{{cite web |url=https://finma.ch/de/news/2021/03/20210322-mm-bnm/ |title=FINMA-Direktor Mark Branson tritt zurück |date=22 March 2021 |publisher=Eidgenösschische Finanzmarktaufsicht |access-date=20 June 2022}}{{cite web |url=https://finma.ch/de/news/2021/07/20210713-mm-finma-fuehrung/ |title=Urban Angehrn wird FINMA-Direktor |date=13 July 2021 |publisher=Eidgenösschische Finanzmarktaufsicht |access-date=20 June 2022}}
= Federal Financial Supervisory Authority =
German 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.{{cite news |url=https://www.nzz.ch/wirtschaft/finma-chef-branson-soll-neuer-chef-der-deutschen-finanzaufsicht-bafin-werden-ld.1607888 |title=Mark Branson soll der deutschen Finanzaufsicht zu mehr Biss verhelfen |author=René Höltschi |date=22 March 2021 |newspaper=Neue Zürcher Zeitung |access-date=20 June 2022}}{{cite web |url=https://www.spiegel.de/wirtschaft/bafin-schweizer-finanzaufseher-mark-branson-wird-bafin-praesident-a-dfa3ef6a-03b0-401e-a3fe-1a135f0ae360 |title=Chef der Schweizer Finanzaufsicht wird neuer Bafin-Präsident |date=22 March 2021 |publisher=Spiegel Wirtschaft |access-date=20 June 2022}}{{cite web |url=https://www.sueddeutsche.de/wirtschaft/bafin-finanzaufsicht-wirecard-1.5243538 |title= Mark Branson wird Bafin-Chef |date=22 March 2021 |publisher=Süddeutsche Zeitung |access-date=20 June 2022}} 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).{{cite web |url=https://www.bafin.de/DE/DieBaFin/Leitung/Praesident/praesident_node.html |title=Präsident der BaFin |publisher=Bundesanstalt für Finanzdienstleistungsaufsicht |access-date=20 June 2022}}
References
{{Reflist}}
External links
- [https://www.munzinger.de/search/portrait/mark+branson/0/32413.html Mark Branson] in the Munzinger-Archiv
- [https://www.bafin.de/DE/DieBaFin/Leitung/Praesident/praesident_node.html Mark Branson] on the website of the German Federal Financial Supervisory Authority (BaFin)
- [https://www.finma.ch/de/finma/organisation/geschaeftsleitung/ Mark Branson] on the Swiss Financial Market Supervisory Authority FINMA website (CV PDF) ([https://www.finma.ch/de/~/media/finma/dokumente/lebenslaeufe/cv-gl-branson.pdf?la=de CV PDF])
- [https://www.bundesfinanzministerium.de/Content/DE/Pressemitteilungen/Finanzpolitik/2021/03/2021-03-22-scholz-nominiert-mark-branson-fuer-bafin-spitze.html Press release of the Federal Ministry of Finance: Scholz nominates Mark Branson to head BaFin.] 22 March 2021
- Presseinformation der Eidgenössischen Finanzmarktaufsicht: [https://www.finma.ch/de/news/2021/03/20210322-mm-bnm/ Press release of the Swiss Financial Market Supervisory Authority: FINMA Director Mark Branson resigns.] 22 March 2021.
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Category:British businesspeople
Category:European Central Bank people
Category:Alumni of the University of Cambridge