Swiss private banking giant Julius Baer said that it did not suffer any losses soon following the Swiss central bank’s decision to abandon a three-year-old cap on the franc.
In a statement, the bank said it was able to "manage successfully the enormous volatility and volumes" generated by the Swiss National Bank ‘s (SNB) decision on 15 January 2015 to discontinue the minimum exchange rate of CHF1.20 per euro.
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The statement added that the bank is continuing to analyse the developments and expects to be able to rapidly implement appropriate measures to defend the group’s profitability from the effects of the strengthened Swiss franc.
The SNB’s decision to scrap the cap said to have resulted in banks around the world losing billions of dollars.
Citigroup, Deutsche Bank and Barclays suffered joint losses of about $400m in the market turmoil, according to Bloomberg.
Julius Baer said it will provide more information when it reports its full-year 2014 results on 2 February 2015.
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