The JPMorgan credit trader at center of the multi-billion dollar trading loss, Bruno Michel Iksil (aka the "London Whale"), would take huge risks himself that were sometimes bigger than the entire investment bank's risk taking level, Bloomberg News reported citing a source familiar with the situation.
From Bloomberg (emphasis ours):
Iksil’s value-at-risk, a measure of how much a trader might lose in one day, was typically $30 million to $40 million even before this year’s buildup, said the person, who wasn’t authorized to discuss the trades.
JPMorgan Chase is suing Javier Martin-Artajo, the manager who directly supervised Bruno Iksil, the so-called London Whale whose outsize positions prompted the bank's multi-billion dollar trading loss. Read Post
LONDON, Jan 16 (Reuters) - JPMorgan Chase & Co has reached an out-of-court settlement over its lawsuit against the former boss of Bruno Iksil, the trader known as the "London Whale" for huge bets he took that cost the bank $6.2 bill... Read Post
The fallout continues... JPMorgan credit derivatives trader Bruno Iksil -- who became the so-called "London Whale" back in April for his massive positions -- has been stripped of his trading responsibilities following the disastrous... Read Post