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November 1, 2012

JPMorgan Sues Boss of ‘London Whale’ in Trading Loss


“The fallout continues from a multi billion-dollar trading loss at JPMorgan Chase.

JPMorgan, the nation’s largest bank, is suing Javier Martin-Artajo, a former executive in its chief investment office, a once little-known unit at the center of the bungled trades. Mr. Martin-Artajo directly supervised Bruno Iksil, the so-called London Whale, according to a lawsuit made public on Wednesday.

Mr. Iksil gained that moniker after reports emerged in April that he had built up an outsize position in an obscure corner of the credit markets. That position proved devastating for the bank, resulting in a $6.2 billion loss.”

Read full New York Times article here

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