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After early successes in a very selective management-training program, Daniel Oliveira, a young manager for Brazilian fashion chain Clothes & Accessories, is thrown into the deep end of the pool by being reassigned to a region lagging in sales. Early on, Oliveira discovers that his store, located in mid-sized Vitória in southeastern Brazil, is in trouble. As soon as he tries to make changes, however, he meets with resistance from long-term employees. The case details his pitfalls and growing awareness of the complexities of leading a diverse workforce and managing change.

• Analyze and discuss the process for leading change with people in mind and understand how different tools could be applied in real life situations

• Discuss the manager’s role in a turnaround process and common mistakes made by inexperienced managers

• Weigh the risks and consequences of different talent management (or leadership development) strategies

• Grasp the importance of building effective teams and fostering buy-in to succeed in a leadership position

Analyze and discuss the process for leading change with people in mind and understand how different tools could be applied in real life situations

Discuss the manager’s role in a turnaround process and common mistakes made by inexperienced managers

Weigh the risks and consequences of different talent management (or leadership development) strategies

Grasp the importance of building effective teams and fostering buy-in to succeed in a leadership position

In September, 2011, to prevent its currency from appreciating after the Global Financial Crisis, the Swiss National Bank (SNB) decided to peg its currency to EUR and announced that it would not let CHF go beyond 1/1.20 EUR. Maintaining the peg required the SNB to purchase foreign currency assets virtually endlessly in response to the worsening Eurozone crisis. By end of 2014, its foreign currency exchange reserves amounted to almost 80% of its GDP. In an attempt to deter capital flows and reduce its balance sheet size, in December, 2014, the SNB first bought the interest rate on commercial bank deposits to negative levels and then, facing impending quantitative easing by the European Central Bank, announced the removal of the peg on January 15, 2015. The case describes the backdrop and the circumstances leading up to removal of the peg.