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 …