Swiss bank chief Thomas Jordan to step down after more than a decade

Swiss National Bank's (SNB) Chairman of the Governing Board Thomas Jordan speaks, during a Swiss National Bank press conference, in Zurich, Switzerland. March 23, 2023.
Swiss National Bank's (SNB) Chairman of the Governing Board Thomas Jordan speaks, during a Swiss National Bank press conference, in Zurich, Switzerland. March 23, 2023. Copyright Michael Buholzer/KEYSTONE/AP
By Eleanor Butler
Share this articleComments
Share this articleClose Button

The longest-serving major central bank governor will step down after a 12-year stint with the SNB.

ADVERTISEMENT

Thomas Jordan will hand over his title as chairman of the Swiss National Bank (SNB) in September, the institution announced on Friday.

The 61-year-old, known for his unorthodox monetary policy, had been due to finish his term in 2027.

The resignation is a momentous moment for the country’s financial industry given Jordan’s high-profile status.

After joining the SNB in 1997, Jordan took up the role of chair in 2012, and has since steered the bank through a number of pivotal moments.

He notably managed the tail end of the euro-area debt crisis, a period where several of Europe’s major financial institutions collapsed, and he removed the cap on the Swiss franc in January 2015.

Removing the cap, which was designed to stop the franc from gaining too much in value against the euro, was a radical move, but the currency has since seen years of strength against the euro.

More recently, Jordan has been deft in handling inflation in his home country, but he has also drawn criticism for his delayed response to the Credit Suisse banking crisis.

After Credit Suisse fell into financial difficulty, the SNB provided billions of francs in emergency liquidity to allow a takeover by UBS.

Jordan’s successor has not yet been named, but it is common for the role to fall to the vice president, meaning all eyes are now on 47-year-old Martin Schlegel.

Share this articleComments

You might also like