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If everyone played by the rules, there would be no portrait of Thomas Jordan (61) to read here. The 1.90 meter giant had long been in the shadow of Philipp Hildebrand (60), who was elected the youngest National Bank president in history in 2010.
Hildebrand, an astute communicator who was a hedge fund manager before working at the National Bank (SNB), has brought new luster to this venerable institution. He was a shooting star, like Switzerland’s Barack Obama, until he suddenly collapsed in early 2012.
Hildebrand stumbled over allegations of insider trading. His wife bought $504,000 from his account in August 2011, a few weeks before the SNB introduced the minimum euro exchange rate of 1.20 Swiss francs.
Scandal paves the way
The scandal shook the Central Bank to its foundations. King Hildebrand was forced to abdicate on 9 January 2012; He was replaced by Thomas Jakob Ulrich Jordan, an economics professor who spent his entire professional life at universities and the SNB.
Jordan is far from a perfect speaker; He reads his messages in a monotonous voice. The spotlight seems to blind him rather than shine him. Her speeches remind me more of Angela Merkel than Obama.
Personal information remains confidential
Twelve years in office haven’t changed much about his outlook. His statements are also repeated over and over again. His mantra is “Our monetary policy aims to maintain price stability”. There are almost no personal or political revelations and certainly no home stories. That’s why SonntagsBlick didn’t even dare to ask him for a personal portrait.
This closure is not very attractive to the public. But economists describe this monotony as Jordan’s greatest strength: “A good central banker has to be boring,” says one who worked for many years in the federal government. He sees Jordan as the embodiment of this ideal: “He is an apolitical technocrat with no sense of personal mission.”
Interviews with friends indicate Jordan did not play a role, in fact he did. “I don’t remember ever talking to Thomas about hobbies or special interests,” says a former member of the SNB Bank Council.
Jean-Pierre Danthine, 73, who served with Jordan on the SNB’s three-person board from 2010 to 2015, makes a similar statement: “In meetings and even at lunch together, we didn’t talk much about anything other than monetary policy. “Although we have worked together for more than five years, I know very little about his specific interests.”
The only thing participants can think about Jordan as a special person is family. He later met his wife, Jacqueline, an English lecturer, in his hometown of Biel, BE, towards the end of school. The son of a senior judge, he grew up with his two brothers and attended the bilingual Alpenstrasse high school.
Banking business in the family
The younger brother (59) also works in the financial sector, Berner works at Kantonalbank. The older one (66) is a senior geologist at the Basel engineering and planning company Gruner. Both have been loyal to their company for over 17 years. Only one person can surpass this level of loyalty: Thomas has been with the SNB for almost 25 years.
Jordan’s adult sons aren’t left out either. The younger one (26) has just completed his master’s degree in banking and finance at the University of St.Gallen (HSG). The elder (28) has been holding an HSG master’s degree in accounting and finance for some time and currently works at the private bank Julius Baer.
The fact that Pope Jordan strictly supports his sons is evidenced by the second child’s high school diploma work, which aims to create a teaching aid on payment processing. This work was considered one of the best in the canton of Zurich, especially thanks to the support of his father. His son was helped by “interviews with experts from the Swiss National Bank” to understand the processes behind a credit or debit card payment.
persistent and curious
Jordan, unlike his descendants, preferred economics at that time. He enrolled at the University of Bern, where he met Ernst Baltensperger (81), who remains an authority on monetary policy today. The now retired professor of economics noticed Jordan as a student: “He asked challenging questions and was persistent in pursuing them. If an answer did not convince him, he followed up until the question was satisfactorily answered,” says Baltensperger.
The economist became Jordan’s doctoral advisor. In 1993, they published a joint study titled “Swiss and European efforts to create a monetary union.” Their conclusion: Switzerland is in the best position with its own monetary policy.
Yildirim career, horsepower, “control freak”
Jordan came to National Bank in 1997 and quickly climbed the career ladder. Baltensperger explains it this way: “On the one hand, he is extremely intelligent and incredibly competent, but he is also strong interpersonally.” Unlike some extremely talented people, Jordan is extremely easy to get along with. “Although he is confident, he is also humble.”
Jordan’s work ethic is also on everyone’s lips. Former board member Danthine says: “Thomas Jordan is a true public servant who works day and night for the welfare of the country. He works incredibly hard, is very detail-oriented and extremely focused.”
Someone who has known him since his student days confirms: “Even when Thomas goes home, he still works.” But this is not only viewed positively by his colleagues and subordinates: “He has a hard time delivering work and wants to know everything about every subject. As a result, he sometimes turns into a control freak.”
Consensus over opposition
Jordan experienced the toughest moment of his career in 2015 when the SNB unexpectedly abolished the minimum euro exchange rate of 1.20 francs. This was a shock for the export and tourism sector. Hans Hess (67), then president of the Swissmem industry association, harshly criticized the Central Bank. This did not leave Jordan unscathed: “We can tell that he took this criticism seriously and it was quite personal. However, he did not hide from us, listened to our concerns and explained the Central Bank’s thoughts.”
Danthine puts it this way: “Thomas Jordan is definitely not a fan of big controversies. Although he is tolerant of differences of opinion and criticism, he prefers consensus. He often has a clear and well-founded view. But he is certainly ready to change this if he is convinced by his counterpart’s arguments.
This almost never happens in public. For this reason, many people perceive Jordan as conservative, even stubborn. Whether it is the transparency of SNB meetings, the ethical and ecological principles of investment policy, or the new rules on the use of profits, Jordan is initially opposed. “With this reflexive defensive attitude, he sometimes overlooks good, logical solutions,” says a former colleague.
Jordan is unbeatable
As a result, Jordan is more firmly established than ever before. The SNB has been criticized many times by politicians, but there is no fundamental criticism. There is great respect for the Central Bank and its Governor.
Jordan is stronger than ever within the SNB. His dominance is likely to increase even further when Vice President Fritz Zurbrügg retires in mid-2022. To observers, the situation is clear: “He pretty much rules this central bank at will.”
This situation is likely to continue like this for a few more years. At the end of 2020, Jordan was re-elected by the Federal Council for the next term of office. Those who wish can stay until June 2027. He would have been 64 years old then.
The only thing that can prevent this is health problems. This has not been completely ignored. A few months ago the SNB boss had to undergo heart surgery. Now he should have full power again.
A scandal – unthinkable
Hardly anyone can imagine that Jordan could stumble into a scandal like his predecessor Philipp Hildebrand or other financial industry greats. The SNB boss’s private life seems so ordinary that it is not even fit for “Inside Paradeplatz”. Jordan is barely featured on the financial portal, which even publishes the escapes of second- and third-rate bankers.
One small waste appeared in 2018: Jordan switched from the low-tax Küsnacht ZH on Zurich’s Gold Coast to the even more attractive train. He lives there, with the best view of the lake and the Alps, but his house is in the middle of a perfectly normal residential area. “A gray mouse,” a former Federal Council member once said. It was a compliment.
Due to current events, this portrait has been updated as of January 9, 2022
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
