BaFin head leaving after Wirecard scandal

Friday, 29. January 2021 17:16

Head of the German Federal Financial Supervisory Authority (BaFin), Felix Hufeld, will leave his post in the aftermath of the Wirecard scandal, the German Finance Ministry announced on Friday.

Hufeld is leaving after a mutual agreement was reached, the ministry noted. At a meeting with BaFin officials, the ministry and the agency also agreed that structural changes need to be made at BaFin and noted concrete proposals on the matter will be announced soon.

Earlier, Hufeld said BaFin failed in preventing the Wirecard scandal which resulted in Wirecard's bankruptcy.

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