The Swiss Times - Swiss News in English

SNB Chairman Steps Down: Thomas Jordan’s Departure in September 2024

  • By The Swiss Times
  • 1 March 2024

SNB Chairman Thomas Jordan announces resignation, closing a chapter at the Swiss National Bank. He leaves amid formidable economic and monetary policy.

SNB Chairman Steps Down: Thomas Jordan’s Departure in September 2024
Keystone/SDA – ANTHONY ANEX

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).

Challenges Faced

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.

©Keystone/SDA

Most Read

Swiss Stock Market Shutters: Tension in the Middle East Rises

19 April 2024
Swiss Stock Market Shutters: Tension in the Middle East Rises
Swiss stock market declines sharply as Middle East tensions rattle investors. All major stocks, except Nestlé, end deep in the red.

Swiss Franc Gains Value In The Face Of Global Uncertainty

19 April 2024
Swiss Franc Gains Value In The Face Of Global Uncertainty
As global tensions rise following reports of an Israeli attack on Iran, the Swiss Franc sees a significant uptick.

Two Foreigners Found Guilty Of Covid Fraud: Jailed and Fined

18 April 2024
Two Foreigners Found Guilty Of Covid Fraud: Jailed and Fined
In the Rhine Valley District Court, two men were sentenced to conditional prison terms for forging 210 Covid vaccination certificates and profiting CHF 10,000 each.

SBB Will Be 100% Green By 2030

18 April 2024
SBB Will Be 100% Green By 2030
SBB outlines a robust environmental strategy, transitioning entirely to renewable energy by 2030 and cutting greenhouse gas emissions by 50% from 2018 levels.

Stay in Touch!

Noteworthy

Uri Cantonal Government Race Heats Up: CVP Majority
Uri Cantonal Government Race Heats Up: CVP Majority
21 April 2024
Federal Council Receives Approval at IMF Meeting on Credit Suisse Crisis
Federal Council Receives Approval at IMF Meeting on Credit Suisse Crisis
20 April 2024