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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

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Citigroup, Deutsche Bank and Barclays are said to have suffered US$400m of cumulative losses after the SNB scrapped a three-year-old policy of capping its currency against the euro.

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

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