Zurich (ANP/AFP) – The head of the Swiss Central Bank unexpectedly announced his resignation on Friday. Thomas Jordan, CEO of the Swiss National Bank (SNB), will step down in September after twelve years at the helm of the central bank in Zurich.
Jordaens started working at the central bank in 1997 and became head of the Swiss National Bank in 2012. He told reporters he would not leave because of the uproar surrounding the bailout of Credit Suisse by UBS in March last year. Credit Suisse was in danger of collapse, and under heavy pressure from the Swiss government, UBS took over its scandal-plagued counterpart. This bailout has caused a lot of criticism in Switzerland, partly due to the billions in guarantees provided by the government and the huge job losses at Credit Suisse due to the takeover.
But according to Jordan, his departure has nothing to do with the controversy surrounding Credit Suisse. He said that the time was right to leave now that inflation had declined and financial stability had returned. To address high inflation, the Swiss Central Bank raised interest rates. There was a pause in September, and according to Jordan, further interest rate increases are no longer needed.
The Swiss National Bank said it regrets his departure and thanks Jordan for his work at the central bank.
