Fri, Mar 1st 2024
SNB Chairman Thomas Jordan announces resignation, closing a chapter at the Swiss National Bank. He leaves amid formidable economic and monetary policy.
The Swiss National Bank (SNB) must look for a new Chairman of the Governing Board. The current incumbent, Thomas Jordan, has surprisingly announced his resignation at the end of September 2024.
Jordan has been with the SNB since 1997. Initially on an interim basis, Thomas Jordan has been the Chairman of the board since April 2012.
The SNB did not provide any information on a possible successor in its press release. Observers consider Vice-Chairman Martin Schlegel, to be the favourite. According to SNB experts: Martin Schlegel is the obvious successor solution, writes Thomas Stucki from the St. Galler Kantonalbank (SGKB).
During Jordan’s tenure, SNB faced extraordinary challenges. With far-reaching monetary policy issues. Jordan caused a stir in January 15, 2015, when the SNB lifted the minimum exchange rate introduced under his predecessor.
The SNB was once again at the forefront of the coronavirus pandemic with aid packages worth billions for Swiss companies during lockdown. The SNB cuts a good figure in international comparison when it comes to controlling inflation, which skyrocketed internationally following the pandemic and fueled by the consequences of the war in Ukraine.
However, the SNB has also recently been in the spotlight when it comes to managing the CS crisis. The central bank provided liquidity assistance on a historically unprecedented scale. A recent article we published highlights some of the short comings of regulation, especially as it relates to FINMA.
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