One of the senior figures at Switzerland's financial watchdog is stepping down after a stint of 13 years, spanning a period of turbulence in the country's banking sector.

Switzerland’s financial regulator has announced that one of its directors is to step down at the end of August ending a period in the job spanning one of the most turbulent periods in the Alpine state’s financial history.
Jean-Baptiste Zufferey will resign from the board of directors of the Swiss Financial Market Supervisory Authority, or FINMA, it said in a statement. His decision comes following a total of 13 years of service as a commission member of the Swiss Federal Banking Commission and as a member of FINMA's board.

FINMA said its board still has the required minimum number of seven (maximum nine) board member following Zufferey's departure. The Swiss government will decide whether to name a replacement.