Trader bruno iksil biography
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The City trader who lost $2bn... and he was the risk expert who was meant to play it safe
A millionaire City trader known as the "London Whale" for the vast size of his bets on the markets, has emerged as the culprit behind a $2bn (£1.25bn) trading loss at one of the world's biggest investment banks.
Bruno Iksil was also known in City circles as Voldemort – the Harry Potter bogeyman who is referred to in the fantasy novels as "He who must not be named" – due to the awed regard he was held in. Until this week.
In an online profile of the City trader, Mr Iksil noted that he is "walking over water" but also suggested he was "humble". It was reported last night that he eschewed the traditional City attire for less formal black jeans and an open-necked shirt. He is said to have earned up to $100m a year.
Mr Iksil built up his huge losses by betting on the creditworthiness of big companies. The size of his losses only emerged after the bank took one of its regular snapshots of the current state of its trading books.
The debacle, which triggered a rout of nearly 10 per cent in the bank's share price last night, shines another grim light on the activities of City banks' so-called casino trading arms.
Mr Iksil had built up his reputation as what one rival banker described yesterd
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Bruno Michel Iksil
Bruno Michel Iksil is a former trader for JPMorgan Chase & Co., best known for his involvement in the 2012 JPMorgan Chase trading loss. Nicknamed "The London Whale" due to the size of his trading positions, Iksil's actions led to more than $6.2 billion in losses for the firm. [1][2][3]
Career at JPMorgan Chase[edit]
Iksil joined JPMorgan in 2005 and 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. He was among the highest-paid traders at the bank, reportedly earning $7.3 million in 2010. Known for his preference for casual attire, Iksil often wore black jeans without a tie to work.
The 2012 Trading Loss[edit]
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.[4]
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.[5]
On August 13,
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Who Is description London Whale? Meet JPMorgan’s ‘Humble’ Seller Bruno Iksil
Dimon. Photo: Simon Dawson/Bloomberg via Getty Images
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