By Ed Frankl
Swiss National Bank Chairman Thomas Jordan will step down at the end of September, after a turbulent few years in which the central bank has faced above-target inflation and the fallout of the collapse of Credit Suisse.
Jordan joined the SNB in 1997, and has been its chairman since 2012, the bank said.
His tenure included the pandemic, the subsequent rise in inflation, the outbreak of the war in Ukraine, and the demise of Switzerland's second-largest lender at the time, Credit Suisse, that threatened financial stability in the alpine nation.
In the latter case, the SNB stepped in to provide liquidity assistance for UBS's acquisition of the troubled bank.
Swiss inflation sank in January to 1.3%, and some economists expect the SNB to be one the first major central banks to start to cut rates. Swiss inflation has been in its 0%-2% target range since June last year.
"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," the bank said in a statement.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
03-01-24 0334ET
