The new Bafin President is a qualified mathematician and acts in a sober and fact-driven manner. “Sometimes he reminds you of Angela Merkel,” says a Bafin insider.
(Photo: Jann Höfer for Handelsblatt)
Frankfurt, Berlin Mark Branson took over the presidency of Bafin at rock bottom last summer. After gross omissions in the Wirecard scandal, the reputation of the German financial regulator has been badly damaged. In a study, Deutsche Bank complained about “considerable deficits” in the mentality and qualifications of Bafin employees.
When Branson took office in August 2021, there were great doubts as to whether he could succeed in fundamentally restructuring the authority. Six months later, it can be stated that Branson has changed more in a short time than many gave him credit for.
Under the leadership of the 53-year-old Briton, the first foreigner to head the authority, Bafin is taking tougher and faster action against financial institutions – and also making their misconduct public. “He has a degree of hardness that I have not experienced before,” says a senior financial supervisor.
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