The Swiss government on Wednesday selected Stefan Walter, a 59-year-old German national who was director-general of the European Central Bank for the last decade, to head the Swiss financial authority known as FINMA. Swiss authorities 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. The troubles at Credit Suisse threatened to unhinge Switzerland's position as a leading financial market, and the takeover left the country with only one internationally important bank: UBS. Political Cartoons View All 253 ImagesA parliamentary panel created after the government-orchestrated merger has been looking into the origins of the deal. Walter, who has a master's degree in international banking from Columbia University in New York, will start the job on April 1, the Swiss government said.

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Persons: Stefan Walter, Walter, Urban Angehrn, Angehrn, Mark Branson, Marlene Amstad, ” Amstad, SRF, FINMA Organizations: GENEVA, UBS, Credit Suisse, Swiss, European Central Bank, Federal Council, Columbia University Locations: Swiss, U.S, British, New York