Deutsche Bank Said to Lose $150 Million on Swiss Franc’s Jump
(Bloomberg) — Deutsche Bank AG, the world’s second-biggest currency trader, lost about $150 million after the Swiss central bank’s surprise decision to abolish the franc ceiling, according to a person familiar with the matter.
The person asked not to be identified as the matter is private. Christian Streckert, a spokesman for Frankfurt-based Deutsche Bank, declined to comment on whether the bank faced losses as a result of a surging franc.
The Swiss National Bank’s decision to abandon the franc’s cap of 1.20 versus the euro surprised investors and roiled markets worldwide. The Swiss currency surged to a record against the euro, rising as much as 41 percent.
The Wall Street Journal reported the losses earlier today in London.
To contact the reporters on this story: Julia Verlaine in London at jverlaine2@bloomberg.net; Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net To contact the editors responsible for this story: Elisa Martinuzzi at emartinuzzi@bloomberg.net Simone Meier, Edward Evans
