JP Morgan made between $US250 and $US300 million from the Swiss franc’s tumultuous move earlier this month, according to Bloomberg’s Julia Verlaine.
The currency moved violently after the Swiss Central Bank announced that it would depeg it from the euro. Major banks like Citigroup and Deutsche Bank each lost around $US150 million int the fallout. Hedge funds were wiped out, and FXCM — the largest US retail currency brokerage — had to be rescued from bankruptcy by Leucadia.
In short, there was a lot of drama.
Of course, there are two sides toe ever trade, so when there are losers there must also be winner.
It’s also worth noting that Morgan Stanley and Goldman Sachs said the move didn’t really impact them at all.
So it looks like JP Morgan owned this one.