JPMorgan Chase & Co has lost a lot of money on trading and is out to punish those responsible. Specifically, they are going after the executive who supervises Bruno Iksil, also known as “The London Whale,” whose market play and wager losing has cost $6.2 billion in trading loss. They have taken his manager to a British Court for their losses.
Javier Martin-Artajo was Iksil’s immediate supervisor and is the defendant in October 22’s suit. Details are sketchy on the suit, but the botched bets are leading to some management reshuffling as certain investment officers such as Ina Drew and Barry Zubrow are retired, as an internal probe will find out what went wrong with the colossal trading failures, and as JPMorgan attempts some claw back to reclaim what money they can.
Iksil, Martin-Artajo, and Achilles Macris were overseers of the trades. Martin-Artajo has been found to have put higher values on his trade than could have been fetched on the open market, as was discovered in August. JPMorgan is facing regulatory probes over the group’s trading because of issues such as these.
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Details of the case will not be released until the defendant acknowledges the claim, and as of yet JPMorgan’s spokespersons have declined to comment, as has Martin-Artajo’s lawyer.
Posted by Daniel June
on October 31, 2012. Filed under Business News,JPMorgan.
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