Citi, Deutsche and Barclays not the only firms to have lost big

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The $400m of cumulative losses that Citigroup, Deutsche Bank and Barclays are said to have suffered from the Swiss central bank’s decision to end the cap on the franc may be followed by others in coming days.

'The losses will be in the billions - they are still being tallied', said Mark T. Williams, an executive-in-residence at Boston University specializing in risk management. 'They will range from large banks, brokers, hedge funds, mutual funds to currency speculators. There will be ripple effects throughout the financial system'.

Bloomberg News reports that Citigroup, the world’s biggest currencies dealer, lost more than $150m at its trading desks, a person with knowledge of the matter said last week.

Deutsche Bank lost $150m and Barclays less than $100m, people familiar with the events said, after the Swiss National Bank scrapped a three-year-old policy of capping its currency against the euro and the franc soared as much as 41% that day versus the euro. Spokesmen for the three banks declined to comment.

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

Bank Losses From Swiss Currency Surprise Seen Mounting

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