Julius Baer said it suffered no losses in the two trading days after the Swiss central bank unexpectedly abolished its franc cap. The shares surged Monday.
Banks around the globe are said to have lost billions of dollars after the SNB said it decided to abolish the three-year-old ceiling preventing the franc from strengthening above 1.20 versus the euro.
Citigroup, Deutsche Bank and Barclays suffered joint losses of about $400m in the market turmoil, according to people familiar with the matter.
To access the complete Bloomberg News article hit the link below: