Federal Council Appoints Martin Schlegel as New SNB Chairman

Federal Council Appoints Martin Schlegel as New SNB Chairman

June 26, 2024

Martin Schlegel: The Logical Successor

Martin Schlegel, often viewed as Thomas Jordan’s protégé, has been with the SNB since 2003. Over the years, he climbed the ranks, culminating in his election to the SNB’s three-member Governing Board as Vice-Chairman in 2022. His appointment as Chairman was widely expected by many observers.

Thomas Jordan’s Notable Tenure

Thomas Jordan, a native of Biel, joined the SNB in 1997 and became a member of the Governing Board in May 2007. He took over the leadership in April 2012, during a crisis triggered by the resignation of Philipp Hildebrand due to controversial foreign exchange transactions by Hildebrand's then-wife.

Key Events During Jordan's Leadership

Jordan's tenure saw several significant events:

Lifting of Swiss Franc-Euro Minimum Rate: One of the notable moments during his leadership was the lifting of the Swiss franc-euro minimum interest rate limit in 2015, which had been introduced by Hildebrand in 2011.

Negative Interest Rates: In 2014, Jordan introduced negative interest rates, a policy that remained until their abolition in 2022.

COVID-19 Pandemic: During the COVID-19 pandemic, Jordan oversaw the provision of liquidity for the SME loan program, crucial for supporting small and medium-sized enterprises during the economic downturn.

Credit Suisse Collapse: The end of Jordan’s era was marked by the collapse of Credit Suisse and its subsequent takeover by UBS, a significant event in Swiss banking history.

A Farewell After Over 27 Years

Jordan's departure marks the end of an era for the SNB. His leadership has been characterized by navigating through crises and implementing significant monetary policies that have shaped the Swiss economy. As Schlegel takes over, the SNB is expected to continue its legacy of stability and prudent financial management.

This transition in leadership is pivotal for the SNB, ensuring continuity and expertise at the helm as Switzerland navigates the complexities of the global financial landscape. Martin Schlegel’s extensive experience within the SNB positions him well to lead the institution into its next chapter.

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