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.
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.
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