JPMorgan Said to Reap Up to $300 Million Amid Swiss Turmoil

From bloomberg.com

JPMorgan Chase & Co. (JPM)’s foreign-exchange traders reaped a gain of as much as $300 million after the Swiss central bank roiled markets by abolishing its cap on the franc, according to two people with knowledge of the matter. The bank netted $250 million to $300 million on the day of the Swiss National Bank’s surprise decision to scrap the franc ceiling of 1.20 against the euro, said the people, who asked not to be identified because they weren’t authorized to speak publicly. A JPMorgan spokesman declined to comment. The SNB’s surprise decision on Jan. 15 to remove the three-year-old cap sent the franc ... (full story)