JP Morgan is suing the former boss of trader Bruno Iksil, who was nicknamed the 'London Whale' because of the huge bets he made which contributed to a £3.7bn loss for the bank.
The US bank is to take action against Javier Martin-Artajo, who supervised Iksil in the UK arm of the chief investment office (CIO), the Telegraph reports. Both employees have since left the bank. An internal investigation by JP Morgan into the losses had already claimed some traders in the CIO tried to conceal the scale of the hit from trades in the credit derivatives market. Greg Campbell, a lawyer for Martin-Artajo, said his client is "deeply disappointed by the bank's unjustified assertion that he may have attempted to conceal the losses being suffered by the book". He said he was...
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