He was appointed President of the Deutsche Bundesbank on 1 January 2022, to replace Jens Weidmann.
[4] After graduating in 1991, Nagel worked at the Karlsruhe Institute of Technology as a research assistant and later an advisor for economic and financial policy at the Social Democratic Party (SPD) in Bonn from March to October 1994.
[5] In 1999 Nagel moved to the Bundesbank, initially as Head of the Office of the President of the then State Central Bank in Bremen, Lower Saxony and Saxony-Anhalt in Hanover.
In December 2010, he replaced Thilo Sarrazin, who had resigned, on the board of directors of the Deutsche Bundesbank.
On November 1, 2016, Nagel joined the KFW Bankengruppe, the largest public development bank in Germany, as a general manager[6] and then from 2017 to 2020 as Executive Board member.