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London Whale, 2 others leave JP Morgan's CIO: reports

India Infoline News Service/ 18:10 , Jul 13, 2012

Their bets on certain corporate credit indexes likely cost the bank ~US$5bn in the second quarter, the WSJ reported.

Three employees from the chief investment office of JPMorgan Chase & Co., including Bruno Iksil known as the "London whale", have left the bank, the Wall Street Journal (WSJ) said.


The London-based employees - Achilles Macris, Javier Martin-Artajo and Iksil - as of Thursday, were no longer listed in the company's internal employment database, the WSJ said.


The three employees are at the center of JP Morgan's multibillion-dollar trading-loss.


Their bets on certain corporate credit indexes likely cost the bank ~US$5bn in the second quarter, the WSJ reported.


A final figure on the trading loss is expected to be disclosed when JP Morgan reports its earnings later on Friday, according to reports.


Ina Drew, who headed the London-based CIO for seven years stepped down in May this year.


The WSJ had reported earlier this week that JP Morgan was expected to recover compensation from all four former employees.

 



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