Citigroup Said to Lose More Than $150 Million on FX Turmoil
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Citigroup Inc., the world’s biggest currencies dealer, lost more than $150 million after the Swiss central bank’s surprise decision to let the franc trade freely against the euro, according to a person briefed on the matter.
The losses occurred on the New York-based bank’s trading desks and aren’t tied to its relationships with FXCM Inc. and other retail trading platforms, said the person, who asked for anonymity because the information hasn’t been disclosed publicly. Citigroup’s head of European investor sales, foreign exchange and local markets, Alex Jackson, left the firm this week, another person said earlier today.