Published on 17th May 2012
“The $2bn trading loss at JPMorgan Chase has claimed another victim. Bruno Iksil, the so-called London Whale at the centre of the trading debacle, is expected to leave the bank, according to current and former colleagues. The timing of the departure is unclear. Mr Iksil gained notoriety last month after reports that he built up outsize positions that distorted prices in an obscure corner of the credit markets. The holdings proved disastrous for the bank. Last week, JPMorgan disclosed $2bn in trading losses, and indicated that the final cost could be much higher. Jamie Dimon, the bank’s Chief Executive, called the wounds ‘self-inflicted’,” the New York Times writes.