Citigroup traders said to lose $150m

Money On Hook

Citigroup, the world’s biggest currencies dealer, lost more than $150m after the Swiss central bank’s surprise decision to let the franc trade freely against the euro, according to a person briefed on the matter.

Bloomberg News reports that the losses occurred on the bank’s trading desks, said the person, who asked for anonymity because the information hasn’t been disclosed publicly. 

Deutsche Bank and Barclays also incurred losses after the Swiss National Bank scrapped its three-year-old policy of capping its currency against the euro. The franc soared as much as 41% versus the euro, while climbing more than 15% against all of the more than 150 currencies tracked by Bloomberg.

Deutsche Bank lost $150m and Barclays less than $100m, people familiar with the matter said.

To access the complete Bloomberg News article hit the link below:

Citigroup Said to Lose More Than $150 Million on FX Turmoil

Bank Losses From Swiss Currency Surprise Seen Mounting

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