Vice chairman of Swiss Bank promoted to top job

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Vice chairman of Swiss Bank promoted to top job
Vice chairman of Swiss Bank promoted to top job

The 47-year-old Schlegel, who joined the Swiss National Bank (SNB) in 2003 and has held this position since 2022, will become its chairman on October 1st, according to the Federal Council.

The government announced on Wednesday that Thomas Jordan, whose 12-year tenure included navigating both the Covid epidemic and the Credit Suisse crisis, will step down as chairman of the Swiss Central Bank and be replaced by vice chairman Martin Schlegel.

The 47-year-old Schlegel, who joined the Swiss National Bank (SNB) in 2003 and has held this position since 2022, will become its chairman on October 1st, according to the Federal Council.

Jordan, who has served as chairman since 2012, declared earlier in the year that he will retire at the end of September.

The Federal Council said it “thanked Thomas Jordan for his many years of dedication and service”.

“He led the Swiss National Bank in various difficult situations, including most recently the Covid-19 pandemic and the Credit Suisse crisis,” the council said in a statement.

“Under his leadership, the SNB made a significant contribution to preventing damage to the country, the economy and the population, and to ensuring monetary stability, thanks to his considered approach and expertise.”

Last year, UBS, the largest bank in the nation, was forced to acquire Credit Suisse by the government, the SNB, and regulators in order to keep the company from failing and igniting a worldwide financial crisis.

More recently, after rising interest rates in an attempt to control skyrocketing inflation, the SNB became the first significant Western central bank to lower rates in March.

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