How One Trader Lost JPMorgan $6 Billion

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In 2012 a JPMorgan trader named Bruno Iksil built credit-derivative positions so enormous they distorted the entire $10 trillion market. Hedge funds nicknamed him the London Whale, and CEO Jamie Dimon dismissed the rumors as "a tempest in a teapot."

Within eight weeks JPMorgan admitted it had lost $2 billion, then $4.4 billion, then $6.2 billion. The trades came from a unit called the Chief Investment Office, which was supposed to hedge the bank's risk. Instead it placed the largest credit bets on Earth. JPMorgan paid $920 million in fines to four regulators. Iksil got immunity. Two colleagues were charged, and the charges were later dropped. Jamie Dimon kept his job.

#wallstreet #jpmorgan #finance #londonwhale #banking #shorts #money #scandal
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