Bruno Michel Iksil
| Bruno Michel Iksil | |
| Occupation | Trader |
|---|---|
| Employer | JPMorgan Chase & Co. |
| Location | London |
Bruno Michel Iksil was a trader for JPMorgan Chase & Co. His large position in the credit default swaps market caused more than $6.2 billion in losses for the firm in 2012. The size of his trading book lead him to be nicknamed "The London Whale." [1][2]
In April 2012, when the trades took place, reports speculated that these trades could be exempt from the Volcker rule as the bank used them in an attempt to hedge or offset a position elsewhere.[3]
Iksil left the London arm of the U.S. bank, as did two other traders, following the resignation of Ina Drew, who ran the chief investment office. He subsequently began cooperating with the FBI and the Manhattan U.S. Attorney’s Office in their investigation into the trading debacle.[4]
On August 13, 2013, the Wall Street Journal reported that the Justice Department had agreed not to prosecute Iksil.[5]
In January of 2013, JPMorgan's board said it would cut firm CEO and president Jamie Dimon's pay by 50 percent, citing failures of management that led to losses in the bank's chief investment office. Dimon would take in $11.5 million in 2012 compensation, down from a $23-million pay package in 2011.[6]
Background[edit]
Iksil joined JPMorgan in 2005. He worked in London in the bank’s chief investment office, where more than 400 traders from across Wall Street oversee $350 billion in investments. Iksil was among the highest-paid traders and managers at the bank, receiving $7.3 million for 2010.
Before that, he worked at the French investment bank Natixis (KN) from 1999 to 2003.[7]
Education[edit]
References[edit]
- ↑ From 'Caveman' to 'Whale'. Wall Street Journal.
- ↑ JP Morgan trader 'London Whale' leaves London. The Guardian.
- ↑ What Volcker Rule Could Mean for JPMorgan’s Big Trades. New York Times.
- ↑ London Whale Resurfaces in Potential U.S. JPMorgan Case. Bloomberg News.
- ↑ U.S. Agrees Not to Prosecute 'London Whale'. The Wall Street Journal.
- ↑ JPMorgan cuts Jamie Dimon's pay 50% over 'London Whale' losses. LA Times.com.
- ↑ JPMorgan Trader Iksil Fuels Prop-Trading Debate With Bets. Bloomberg.