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Deutsche Bank said to lose US$150m on swiss franc's jump
[LONDON] Deutsche Bank AG, the world's second-biggest currency trader, lost about US$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 per cent.
The Wall Street Journal reported the losses earlier on Friday in London.