Citigroup Swiss Franc Losses Exceed $150 Million, Head Of European FX Sales Departs Firm

Citigroup Inc C has lost more than $150 million following the volatility in the Swiss franc after the Swiss National Bank abandoned its peg against Euro on Thursday, according to Bloomberg.

Alex Jackson, the head of the bank’s European investor sales, foreign exchange and local markets, also left the firm this week, according to sources speaking to Bloomberg.

The reports follow a challenging Q4 earnings announcement for Citigroup in which its profit was cut to $350 million versus $2.46 billion in the prior year period.

Citigroup Inc recently traded at $47.10, down 0.28 percent.