Bank losses from SNB surprise seen mounting
These will be in the billions and there will be ripple effects throughout the financial system: Boston University don
Zurich
THE US$400 million of cumulative losses that Citigroup Inc, Deutsche Bank AG and Barclays plc 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 Williams, an executive-in-residence at Boston University specialising 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."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover
Barclays Q1 profit falls 12% as mortgage competition, deals drought hit
Deutsche Bank Q1 profit jumps 10% as investment bank outperforms
Latest Singapore 6-month T-bill offering cut-off yield of 3.74% as applications dip
Morgan Stanley Asia private equity unit to reorganise as CEO retires