Swiss central bank head steps down in surprise move

Thomas Jordan joined the bank in 1997

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.

“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.

The statement did not provide a reason for the unexpected move, just saying it wanted to “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. Under his watch, the central bank abandoned its policy of systematically preventing the Swiss franc from rising too much against the euro.

In 2023 Jordan had to confront a crisis at Credit Suisse, and along with the government and regulators helped organise its sale to fellow Swiss bank UBS.

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