Ex Swiss bank chief ‘to get 12 months pay’

Ex Swiss bank chief 'to get 12 months pay'
Swiss National Bank

Former Swiss central bank chief Philipp Hildebrand will receive a full 12 months salary after quitting in a scandal over foreign exchange trades by his wife, media reported on Thursday.

“Swiss National Bank (SNB) contractual rules mean Mr Hildebrand will be paid a year’s salary,” Le Matin newspaper said.

Le Temps reported that the ex-bank chairman was paid 861,900 Swiss francs ($908,000) in 2010.

The initial six months salary cover the bank’s notice period, even though Hildebrand left his post with immediate effect, said reports.

The remaining payments act as compensation for a ban imposed by the SNB on him taking up a position with another bank.

Senior executives quitting the central bank may take up work in a different line straight away, if agreed by its governing council.

Hildebrand stepped down on Monday after conceding that he had no conclusive evidence to prove he did not know about a dollar deal by his wife weeks before an intervention by the SNB to halt the rise of the franc — a move that saw the dollar rise significantly against the Swiss currency.

Kashya Hildebrand, who profited after buying $504,000 last August said she had failed her husband by not considering that it could have been perceived as a conflict of interest.

An independent investigation into the couple’s transactions cleared them of any wrongdoing.

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