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.
To contact the reporter on this story: Nathaniel Espino in Beijing at nespino@bloomberg.net
To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net
JPMorgan’s ‘London Whale,’ Two Bosses Leave Bank
Simon Dawson/Bloomberg
A pedestrian walks past the offices of JPMorgan Chase & Co. in the business and financial district of Canary Wharf in London, U.K.
A pedestrian walks past the offices of JPMorgan Chase & Co. in the business and financial district of Canary Wharf in London, U.K. Photographer: Simon Dawson/Bloomberg
April 10 (Bloomberg) -- Market-moving trades by JPMorgan Chase & Co.’s chief investment office probably will force regulators to seek more detail on banks’ derivatives positions to help them distinguish risk management from speculation. Bruno Iksil, a London-based trader in the unit, has built derivatives positions linked to corporate credit that are so big he’s moved markets, according to hedge fund managers and dealers. Christine Harper reports on Bloomberg Television's "InsideTrack." (Source: Bloomberg)
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