More firms hurt by Swiss roll - it ain't over yet

'The whole thing isn’t over yet'.

Credit Suisse and Saxo Bank joined the list of European financial companies warning that the abrupt end to the cap on the Swiss franc may hurt their earnings.

Bloomberg News reports that Credit Suisse indicated Monday that currency swings may hurt profit, depending in part on 'any offsetting management actions'. So far the volatility in foreign exchange has 'not materially impacted' capital ratios, the company said.

'Swiss bank earnings will be significantly lower', said Andreas Venditti, a Zurich-based analyst at Vontobel Securities AG. 'The impact will depend on how quickly the companies can react and how in-depth their actions will be. The whole thing isn’t over yet'.

Citigroup, Deutsche Bank AG and Barclays Plc suffered about $400 million in cumulative trading losses, people familiar with events said last week.

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

Swiss Turmoil Spreading in Europe as Saxo, Credit Suisse Hurt

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