Bank Losses From Swiss Currency Surprise Seen Mounting
“The losses will be in the billions -- they are still being tallied,” said Mark T. Williams, an executive-in-residence at Boston University specializing in risk management. “They will range from large banks, brokers, hedge funds, mutual funds to currency speculators. There will be ripple effects throughout the financial system.”
“We’re just hearing about financial institutions now,” Philip Guarco, global head of fixed-income strategy at JPMorgan Private Bank, said in an interview on Bloomberg Television. “Remember what happened back in 2009, when the dollar rallied? You actually had major corporates in Mexico and Brazil, where the treasury departments were taking positions in FX. So we haven’t heard the end of it yet.” - BloombergAfrocatioN - Knowledge Is Key
