Swiss National Bank Chairman Thomas Jordan has informed the Bank’s Board that he will step down from his position at the end of September 2024.
Thomas Jordan, born in 1963, joined the SNB in 1997. As head of research, he initially played a central role in the development of the new monetary policy strategy introduced at the end of 1999. In 2004 he moved to Department III as an Alternate Member of the Governing Board, and in May 2007 he was appointed Member of the Board of Directors. His time as Head of Department III came against the background of the great financial crisis. His responsibilities included StabFund, the stabilization fund set up to buy illiquid assets from UBS.
In early 2010, Thomas Jordan took over the direction of Division II as Vice President of the Board of Directors. In addition to introducing a macroprudential concept with the countercyclical capital stock, he was actively involved in the development of the ninth series of banknotes entitled “The many facets of Switzerland”.
In January 2012, Thomas Jordan took over the management of the SNB, initially on an interim basis and then from April 2012 as chairman of the board and head of department I.
His period at the helm of the SNB coincided with a period characterized by an unusually large number of challenges, requiring extensive monetary policy measures to ensure price stability and maintain financial stability in different economic situations.
In early 2015, by suspending the minimum exchange rate of the Swiss franc against the euro, the SNB was able to maintain control and preserve the effectiveness of its monetary policy.
During the severe downturn in the global economy as a consequence of the coronavirus pandemic in 2020, the SNB managed to ensure price stability with extensive measures, such as the newly established SNB COVID-19 Refinancing Facility.
In the spring of 2023, the Credit Suisse crisis presented an acute threat to financial stability in Switzerland. The SNB provided liquidity assistance on a historically unprecedented scale to enable the takeover of Credit Suisse by UBS.
Chairman of the board, Thomas Jordan, said:
“Having faced the various challenges of the last few years, now is the right time for me to step down. It has been a great privilege to serve the SNB and the interests of the country as a whole. I would like to thank the Bank’s Council, the Board of Directors and the staff of the SNB for the excellent and collaborative working relationship. I also thank the Federal Council, Parliament and the public for their great confidence in the SNB and for safeguarding its mandate and independence.”