UBS boss 'saw it coming'

UBS building

For three years, the Swiss franc was locked against the euro under the central bank’s cap, with no end in sight. UBS Group’s Gregor Hirt last month sensed something was about to change.

Citigroup traders said to lose $150m

Money On Hook

Citigroup, the world’s biggest currencies dealer, lost more than $150m 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.