
The surprise decision of the Switzerland National Bank to remove the Swiss Franc’s euro cap caught many trading houses and investors by surprise. We’ve all heard of how retail forex market leader FXCM had to take out a $300 million lifeline just to ensure its continued survival. Investment banks like Goldman Sachs and others also took hits of varying levels of severity. Well, if you think the bad news is finally over, don’t get too comfortable yet. It appears the roster of financial institutions that got hit by the Swiss Franc debacle continues to grow and grow. The latest additions? Switzerland’s own Credit Suisse and Saxo Bank. In fact, both firms reported warnings that the Switzerland National Bank’s moves might lower their earnings.