Swiss bank chief resigns

BERNE - Reuters

Swiss central bank chief Philipp Hildebrand resigned yesterday in the face of growing criticism of a controversial currency trade made by his wife in August. Hildebrand’s decision to relinquish the top job came as Swiss lawmakers met to discuss the scandal, which erupted last week after Sarasin bank sacked an employee who leaked details of the trade to a political rival. “As we suggested last week his position was almost untenable and so it has proved,” said Tony Nyman of Informa Global Markets. Hildebrand’s wife Kashya, a former hedge fund trader, bought 400,000 Swiss francs worth of dollars on Aug. 15, three weeks before her husband oversaw steps to cap the rise of the franc. Vice Chairman Thomas Jordan is the most likely candidate to take over.