Julius Baer suffers no losses over Swiss franc move

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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.

Bloomberg News reports that the bank was able to 'manage successfully the enormous volatility and volumes' following the Swiss National Bank’s decision, it said in a statement. 

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:

Julius Baer Says It Wasn’t Hurt by SNB Decision, Shares Rise

Macquarie Group Sees Full-Year Profit Growing as Much as 20%

 

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