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Screenshot of a breaking news alert e-mail from Q2 2017
Citigroup Inc (NYSE: C), the world’s biggest interbank currencies dealer, lost more than $150 million after the Swiss central bank decided to let the franc trade freely against the euro, Bloomberg reported.
The losses took place on Citi’s trading desks and are not tied to its relationships with currency trading services provider FXCM Inc and other retail trading platforms, Bloomberg said, citing a person briefed on the matter.
The Swiss National Bank shocked financial markets on Thursday by scrapping a three-year-old cap on the Swiss currency, sending the swissy soaring against the euro and the Swiss stock market plunging on fears for the export-reliant Swiss economy.