Germany’s Top Finance Watchdogs Resign Over Wirecard Scandal
- BaFin President Hufeld, Vice President Roegele step down
- Latest scandal was suspected insider trading at the regulator
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Germany’s top financial regulator is stepping down after repeated scandals surrounding the collapse of payments company Wirecard AG highlighted the watchdog’s failure to prevent the country’s biggest corporate scandal in years.
BaFin President Felix Hufeld announced his departure in a joint statement with German Finance Minister Olaf Scholz on Friday. “We are combining the planned organizational reform at BaFin with a management restart,” Scholz said. Elisabeth Roegele, the second-highest official at the watchdog, also resigned.