The head of German finance watchdog Bafin is stepping down as part of a massive overhaul triggered by last year's spectacular collapse of payments provider Wirecard, Finance Minister Olaf Scholz said Friday. "The Wirecard scandal revealed that the German financial regulator needs a reorganisation to fulfil its supervisory role more effectively," a ministry statement said. Scholz thanked Bafin chief Felix Hufeld for eight years of service and said the revamp would include "a fresh start" at the top of the agency. mfp/dlc/kjl