Zurich (AFP) – The head of Switzerland’s central bank, Thomas Jordan, will step down in September after 12 years in charge, the bank said in a surprise statement Friday.
In the dozen years he led the Swiss National Bank, Jordan faced numerous challenges such as when markets forced the central bank to abandon its policy of systematically preventing the Swiss franc from rising too much, as well as organising the takeover of Credit Suisse when the bank was on the brink of collapse last year.
Jordan told journalists that he did not step down over the 2023 rescue of Credit Suisse, which sparked controversy in Switzerland as UBS picked up its main rival at a bargain price that burned many investors and has sparked layoffs.
“My decision was not influenced in any way by the Credit Suisse case,” Jordan said.
“Now is a very good time — we have price stability again, and financial stability, so my decision was influenced by that,” he added.
The SNB thanked Jordan for his service.
“The Bank Council and the Governing Board greatly regret Thomas Jordan’s decision, and express their sincere thanks for his many years of outstanding commitment in the interests of a stability-oriented monetary policy,” it said in a statement announcing that Jordan had stepped down.
We “wish him all the best for the forthcoming new chapter in his life.”
Born in 1963, Jordan entered the bank in 1997 and joined the governing board in 2007, where he had to face the effects of the financial crisis on Swiss lenders.
In 2012 he became head of the board.
The Swiss franc fell on the surprise announcement, and was trading down 0.2 percent at 0.9579 francs to the euro at 1700 GMT.
© 2024 AFP
