JPMorgan's traders reaped up to US$300m amid Swiss turmoil: sources

London

JPMORGAN Chase & Co's foreign-exchange traders reaped a gain of as much as US$300 million after the Swiss central bank roiled markets by abolishing its cap on the franc, according to two people with knowledge of the matter.

The bank netted US$250 million to US$300 million on the day of the Swiss National Bank's (SNB) surprise decision to scrap the franc ceiling of 1.20 against the euro, said the people, who asked not to be identified because they weren't authorised to speak publicly.