Citigroup Said to Lose More Than $150 Million on Currency Swings
(Bloomberg) — Citigroup Inc., the world’s biggest currencies dealer, lost more than $150 million after the Swiss central bank decided to let the franc trade freely against the euro, according to a person briefed on the matter.
The losses occurred on the New York-based bank’s trading desks and aren’t tied to its relationships with FXCM Inc. and other retail trading platforms, said the person, who asked for anonymity because the information hasn’t been disclosed publicly.
To contact the reporter on this story: Dakin Campbell in New York at dcampbell27@bloomberg.net
To contact the editor responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net
