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Citi shutters exclusive program after Swiss franc losses

May 14, 2015 8:04 AM ETCitigroup Inc. (C) StockCBy: Stephen Alpher, SA News Editor1 Comment
  • The Alternative Credit Program" has been around since 2007, and allowed a group of select bank clients to make big bets on currency markets without submitting to Citigroup's (NYSE:C) normal risk-management procedures.
  • Roughly 40 were signed up to ACP - hedge funds and family offices for the most part - and were fast-tracked through a less-intensive version of Citi's normal credit checks.
  • The bank, however, decided to cancel the program after January's Swiss franc revaluation which hit Citi with about $150M in losses.
  • Source: WSJ

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