Surprisingly, as of September 2024: SNB Chairman Thomas Jordan resigns

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After more than 12 years, Thomas Jordan (61) is leaving the business. He will resign as Governor of the Swiss National Bank (SNB) in September 2024, the Central Bank wrote in a press release on Friday morning. “The Bank’s Council and Board of Directors deeply regret Thomas Jordan’s decision and sincerely thank him for his outstanding commitment over many years to the interests of a stability-oriented monetary policy.”

Jordan said in a statement: “After overcoming the many challenges of the last few years, now is the time to step down from my position.” And also: “It was a great privilege to be able to work for the general interest of the Central Bank and the country.”

The SNB does not provide any information about the successor in its notice.

Corona and euro minimum exchange rate

Jordan has a long national banking career. He joined the SNB in ​​1997 as Head of Research and was promoted to the SNB Board of Directors in 2007. In 2012, Jordan was appointed president of the National Bank, first on an interim basis and shortly thereafter on a permanent basis, to replace the fallen Philipp Hildebrand (60).

Its early years were marked by the abolition of the minimum euro exchange rate in 2015. Jordan faced an enormous challenge in 2020 and 2021, characterized by the Covid-19 pandemic. The SNB also finds words of praise in the press release: “During the major collapse of the global economy as a result of the corona pandemic in 2020, the Central Bank managed to ensure price stability with comprehensive measures, such as the newly created SNB Covid-19 19 refinancing possibilities »

Jordan and CS crisis

Jordan is also appreciated for its handling of the global inflation crisis due to Corona and the Ukraine war. While inflation in most Western countries sometimes exceeds 10 percent, inflation rates in Switzerland have been recorded at a maximum of 3.5 percent (August 2022).

The biggest and last crisis last year hit Jordan with the fall of Credit Suisse (CS) in the spring of 2023. The situation of CS posed a serious threat to global and national financial stability. National Bank provided a historically unprecedented amount of liquidity support to ultimately enable UBS to acquire Credit Suisse. The SNB praises its outgoing president: “In this way, he made a decisive contribution to preventing a financial crisis with serious economic consequences.”

Source :Blick