“Oh, don’t tell fairy tales”: Nick Hayek doesn’t believe that the franc will become more expensive because of the “safe haven”.Image: nik egger/chmedia
interview
The “extremely overvalued” franc is causing problems for the export industry. Nick Hayek, head of the Swatch Group, criticizes the National Bank: It is doing nothing – because it doesn’t want to upset the USA in the trade war. Jobs in Switzerland would be sacrificed.
02/19/2026, 05:3002/19/2026, 05:47
Patrik Müller and Werner De Schepper / ch media
Reports of dismantling are increasing in Swiss industry. 15,000 jobs have been lost in the past two years. Are there also layoffs at Swatch Group?
Nick Hayek: No, we have decided to continue to employ our employees even in difficult times.
But your sales fell by 450 million francs last year. Don’t you have to save?
Yes, of course we do. But not first with our employees in the factories that make our fantastic products. 308 million francs of our decline in sales alone can be attributed to the currency effect, which we owe to the extremely overvalued Swiss franc. But I’m not just concerned with the Swatch Group, but also with the entire Swiss industry.
How badly are you affected by the strong franc?
Many Swiss SMEs are having a lot of trouble with the extreme appreciation of the franc. Many people have no choice but to go abroad, even though they don’t want to. The situation has worsened again since the beginning of 2026. And no one in politics or the media seems to be particularly upset about it. People tend to refer to the superpower franc with pride. Maybe they’re all just thinking about their holidays abroad, which are getting cheaper and cheaper.
How much does the appreciation of the franc cost the Swatch Group?
The calculation is simple. If you take the Swatch Group’s 2014 figures at today’s exchange rates, we are missing 1.4 billion francs – because of the exchange rate alone. Let’s look at the current figures: In January 2026 alone, the currency erosion, compared to January of last year, will be over 60 million Swiss francs. This is despite price adjustments over the last 12 months. The Swiss franc has strengthened massively across all currencies, not just the dollar.
The dollar and the euro have been weakening against the Swiss franc for a long time, especially since Donald Trump’s “Liberation Day” in April 2025, when he launched his tariff war with the world:
And now you’re calling for the state?
No, I have never done that and I won’t do that now. I’m not calling for a weak franc either. On the contrary, I want a strong franc. But what we are seeing now is a totally overvalued franc that continues to grow in value unchecked.
What do you expect from politics?
I don’t expect anything, but it makes my hair stand on end to see how speechless and apathetic official Switzerland and especially the SNB seem to accept this situation. The National Bank is independent of politics, and that is right. Under the National Bank presidents Philipp Hildebrand and Thomas Jordan, this independence did not prevent it from being very active. They were unpredictable, and that’s exactly how it has to be.
How unpredictable?
This was seen with the introduction and abolition of the minimum exchange rate for the euro. A national bank has influence if it can surprise the markets. Hildebrand and Jordan made a policy in the interests of Switzerland – and they were present and expressed themselves. Admittedly, one more than the other.
Why don’t you mention Martin Schlegel, who has been the top head of the National Bank since October 2024?
Quite simply, I don’t know him. I don’t hear anything from him. I don’t see anything from him. The National Bank appears to have gone into hiding. Do they even still exist?
What should the National Bank do?
I’m not a central banker, but I expect it to show strength and recognize that such an extreme overvaluation of the franc is damaging to Switzerland. She can use her instruments confidently and independently.
When it did this in the Hildebrand/Jordan era, the National Bank’s total assets rose from 200 to over 1,000 billion francs. This is not sustainable.
Why not? A national bank cannot go bankrupt. Look: the role of the SNB has been completely lost since August. The whole of Switzerland only talks about the US tariffs. Everyone is fixated on it as if it were the worst thing that could have happened to us.
39 percent was already severe, now we are at 15 percent.
Yes, that was violent, but more violent and more damaging in the long term is the totally overvalued Swiss franc compared to all currencies.
The franc is a safe haven, given the uncertainty in the world – Trump, Greenland, Iran – an appreciation is logical.
Oh, don’t tell fairy tales. There is no longer any banking secrecy, no interest rates, no powerful army. There is only one major Swiss bank left that is even flirting with moving out of Switzerland, and the other one has unfortunately virtually gone bankrupt, and what’s more, the Americans recently showed the world how weak we are. The truth is: there is a lot of speculation surrounding the Swiss franc and we just let it happen. Fate! This is unacceptable. There are a few clear indications why the National Bank fell into hibernation in the summer.
What is your guess?
After the tariff hammer of August 1st, specifically on September 29th, 2025 – and this was hardly noticed here – the American Treasury, the Swiss Finance Department and the Swiss National Bank met in the USA. They concluded a “non-binding agreement” a non-binding agreement to undertake not to engage in currency manipulation. Perhaps they wanted to use an act of preemptive obedience to prevent Switzerland from ending up on a US blacklist of exchange rate manipulators, where the US with its dollar should actually be at the top.
Political entrepreneur
Nick Hayek71, has been CEO of the Swatch Group since 2003. His father Nicolas Hayek (died 2010) turned the company into a global company in the 1980s. Nick Hayek and his sister Nayla Hayek, who is Chairman of the Board of Directors, have further expanded the group; it now employs over 32,000 people. The CEO’s pointed political statements in our interview are reminiscent of the statements of Nicolas Hayek, who never minced his words. (pm)
Image: keystone
And since then the National Bank has done nothing to combat the appreciation of the franc?
Through this agreement, the National Bank has committed itself not to do anything in the presence of the Swiss Finance Department that could upset the Americans.
Because otherwise the customs deal, which is supposed to last until March 31, is at risk?
Official Switzerland is clearly afraid and is fixated on US tariffs. The currency problem has long since hit Switzerland harder than the tariffs. We talked earlier about the SNB’s independence from politics…
… and you see them in danger?
Where was the US Federal Reserve at this meeting in the US? This smells like a deal that the SNB made in order not to endanger the possible customs deal by the end of March. It seems to me that the SNB is independent of Swiss politics, but not of the Oval Office. The National Bank sacrificed independence – for the customs deal.
A steep accusation.
The SNB could get rid of it. But she is silent. Ducks away. This fits into the big picture of current Swiss politics. While Trump wants to bring industry back to the USA and American Foreign Minister Marco Rubio recently warned Europeans about deindustrialization at the Munich Security Conference, we Swiss, the champions of a successful industrial location, are well on the way to sacrificing our own Swiss industry. Because the courage to fight is missing.
Aren’t you exaggerating?
No, the biggest absurdity is that our Swiss government is actively encouraging Swiss industry to invest more in the USA in the hope of bringing down tariffs. But they don’t seem to see the greater threat to our industry posed by the highly overvalued franc.
“There is a lack of courage to fight for industrial jobs”: Nick Hayek during an interview on Monday at the Swatch Group headquarters in Biel.Image: nik egger/chmedia
The $200 billion promise to Trump helped cut tariffs from 39 percent to 15 percent.
Do you think it will be good for Switzerland as a workplace in the long term if politicians have two messages: “Build your factory in the USA.” And: “We are doing nothing about the overvalued Swiss franc.” If this is really the signal from politicians, I have to ask myself: What are we doing wrong when we train apprentices in Switzerland? What if we invest here even though the wages are much higher than, for example, in Bulgaria and Romania, where there are also good skilled workers?
What do you mean by that?
Many companies have delayed investments or forgone them altogether. Some have lost jobs, but unfortunately hardly anyone, with the exception of your newspaper, has reported on it. Awareness of this is now growing in French-speaking Switzerland.
What are you specifically asking for?
I am not a monetary politician. But it is clear: If we have a problem with a severely overvalued franc, a strong, independent national bank can take action. She has already proven that in the past. But now the priority seems to be to make as much profit as possible in order to then distribute billions to the cantons and the federal government. That’s the wrong priority.
The SNB would certainly contradict this. What should she do differently?
To continue to ensure that stable conditions prevail in Switzerland, not only in the monetary area, but also in the social area, that is, full employment and inflation control, and to be there when there is a need.
Does Jean-Pierre Roth, the former head of the SNB, who is on your board of directors, share your opinion?
I haven’t talked to him about it yet. Under Mr Roth, the SNB courageously prevented UBS from going bankrupt during the financial crisis, which would have spelled disaster for Switzerland. This certainly wasn’t in any checklist or manual. He showed courage and took responsibility, together with others, at the moment when it was necessary.
It has always been said that the strong Swiss franc makes the export economy fit. Does that no longer apply?
But! Swiss industry is extremely competitive, it is forced to do so, not just because of the franc, and it does amazing things. Some upgrade is absolutely fine. But now we have a double problem: the extent of the appreciation affects all currencies, not just the dollar, and the speed of this appreciation is enormous. Adapting operations at this pace is almost impossible. For many, the quick solution will be the only one: get out of Switzerland.
Do you want an industrial policy? A sovereign wealth fund?
No! Again, I’m not calling out the state. We simply need the common positive awareness again that industry is important for Switzerland’s identity and not just banks, insurance companies, real estate companies and raw materials traders. (aargauerzeitung.ch)