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JPMorgan’s ‘London Whale,’ Two Bosses Leave Bank, WSJ Reports
The JPMorgan Chase & Co. (JPM) employee known as the ‘London Whale’ and two of his supervisors from the chief investment office have left the bank, the Wall Street Journal reported, citing people it didn’t identify.
Bruno Iksil, who got the nickname because of his market- moving trades, isn’t listed in an employee database as of July 12, the newspaper said. Javier Martin-Artajo, his direct boss, and Martin-Artajo’s manager Achilles Macris, have also been removed, according to the Journal.
The three employees made bets on corporate credit indexes that led to slightly more than $5 billion in losses for the second quarter, the newspaper said. They had been stopped from trading, continuing as employees while New York-based JPMorgan conducted an internal review and sought to unwind those trades, the Journal said.
Joseph Evangelisti, a spokesman for the U.S. bank, declined to comment on the Wall Street Journal report. Iksil couldn’t be reached and a lawyer for Martin-Artajo and Macris didn’t reply to e-mails, the newspaper said.
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