Swiss bank chief quits after row

The head of Switzerland’s central bank Philipp Hildebrand has quit in the wake of a public uproar over his private currency deals.

The Swiss National Bank said the chairman’s resignation took effect immediately and Mr Hildebrand would make a statement and release documents to the public.

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

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

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