Martin Schlegel, Thomas Jordan’s foster son, takes over as head of the SNB
Published: Thursday, Sep 26th 2024, 11:10
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Martin Schlegel is now ascending the throne at the SNB. For many observers, he is the logical successor to Thomas Jordan.
Schlegel's election as head of the Swiss National Bank (SNB) in June came as no surprise. On the contrary: observers had almost unanimously described the 47-year-old economist with a doctorate as the clear favorite to succeed Jordan. After all, he is nothing other than the foster son of the outgoing SNB President.
In a way, Jordan's former intern is responsible for this label himself. In his first interview with the "Neue Zürcher Zeitung", he said that he started out as Jordan's intern - and somehow still is. To this day, the media still find this to be a real feast.
Modern touch
In his private life, Schlegel - like his predecessor - is rather reserved. In interviews, he is usually free of airs and graces and without a penchant for self-promotion. What is known, however, is that Schlegel lives in Zurich, where he grew up, enjoys jogging and has three children with the economist and Hotellerie Suisse director Nicole Brändle.
In addition - this much is known - Schlegel is said to be different in type to Jordan. Looser and more approachable, they say. The fact that he played bass guitar in bands until a few years ago probably contributes to this image. His well-known vegetarian lifestyle and his flair for graphics also give him a modern touch.
Schlegel has worked at the SNB since 2003. He rose through the ranks step by step until he was elected to the SNB's three-member Governing Board as Vice Chairman in 2022. This promotion came as a surprise. Schlegel was promoted directly past Andréa Maechler, the senior third member, to Vice Chairman. Maechler promptly acknowledged the affront with her resignation and moved to the Bank for International Settlements in Basel.
Due to Maechler's resignation, the newest third member of the three-member committee, Antoine Martin, could not be appointed to the SNB Governing Board until September 2023. He therefore did not take up his post until the beginning of 2024 and was therefore considered to have little chance of becoming a Director.
Schlegel himself held various positions at the SNB before his election to the Governing Board. He gained experience abroad, including in Singapore, the only SNB branch outside Switzerland. He taught at the University of Basel and was a member of the SNB's Investment Committee. Since August 2022, he has headed Department II in Bern, which deals with financial stability, cash and risk management, among other things.
Schlegel has to prove himself
Schlegel's election disappointed two groups of SNB critics in particular. On the one hand, those who would have preferred an external solution, and on the other, those who had hoped for a woman at the helm of the central bank.
From the political side, calls for a woman to head the SNB came - unsurprisingly - from the SP. It had even called somewhat boldly for an end to the "hereditary monarchy" at the SNB. With Schlegel's accession to the throne, however, this is now being continued. According to reports, top officials in the Federal Administration also took a critical view of this internal succession.
Schlegel will therefore have to prove himself very quickly in order to take the wind out of the sails of these critics. He will have to prove that he has the necessary steadfastness and calmness for the office of SNB Chairman. His predecessor Jordan, with his stoic manner, could once again serve as a role model.
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