ZURICH, Jan 19 (Reuters) - Julius Baer said on Monday that it did not suffer any losses soon after the Swiss National Bank’s decision to abandon a three-year-old cap on the franc.
“In particular, the group overall did not suffer losses on the two trading days following the decision,” the Zurich-based private bank said in a statement.
Julius Baer said it expects to be able to quickly put in place measures to protect its profits from a far stronger franc, and that it would disclose details alongside its full-year earnings on Feb. 2
The Swiss franc shock reverberated through currency trading firms around the world, and led Credit Suisse to start charging institutional and large corporate clients for Swiss franc accounts following the SNB’s move. (Reporting by Katharina Bart; Editing by Eric Meijer)
Our Standards: The Thomson Reuters Trust Principles.