Swiss National Bank Chief Quits Amid Trades Uproar - Newschannel 6 Now | Wichita Falls, TX

Swiss National Bank Chief Quits Amid Trades Uproar

GENEVA (AP) - Switzerland's central bank says its chairman Philipp Hildebrand has stepped down in the wake of a public uproar over his private currency deals.

The Swiss National Bank says the resignation takes effect immediately and Hildebrand would make a statement and release documents to the public.

His departure coincided with a Swiss parliamentary committee hearing, to be held Monday behind closed doors, to get answers about the deals he engaged in while leading efforts to soften the
Swiss franc.

Hildebrand broke weeks of silence Thursday to deny breaching central bank rules.

Swiss media have been awash with reports about public unease over the dollar swaps that netted Hildebrand tens of thousands of dollars last year. He said he has since donated the profits to charity.

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