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(Bloomberg) -- Credit Suisse Group AG said it has had positive trading results since the Swiss central bank roiled markets last week by abruptly ending its cap on the franc.
Switzerland’s second-largest bank said it hadn’t suffered any “material” trading losses linked to foreign-exchange volatility, according to a statement on its website. Currency swings haven’t hurt its capital ratios, Credit Suisse said.
The Zurich-based bank indicated Monday that currency swings may hurt profit, depending on the average exchange rates of the franc to the dollar and euro in 2015 as well as whether managers could find ways to offset the decline.
The franc soared as much as 41 percent against the euro and strengthened against other currencies after the Swiss National Bank scrapped the three-year-old policy on Jan. 15.
Citigroup Inc., Deutsche Bank AG and Barclays Plc suffered about $400 million in cumulative trading losses, people familiar with developments said last week. At Morgan Stanley, owner of the world’s largest brokerage, Chief Financial Officer Ruth Porat said the effect was minimal.
To contact the reporters on this story: Elena Logutenkova in Zurich at email@example.com; Jeffrey Vögeli in Zurich at firstname.lastname@example.org To contact the editors responsible for this story: Elisa Martinuzzi at email@example.com Edward Evans, Jon Menon