Bruno Iksil

  • I mean really the whale is fine.

    News

    The London Whale Hated All The Lying About How Much Money He Was Losing

    Today U.S. prosecutors charged former JPMorgan CIO traders Javier Martin-Artajo and Julien Grout with various crimes for mis-marking the London Whale structured credit portfolio positions. The complaints are here and here and reading them you get the strong sense that Bruno Iksil, the Whale himself, was the hero of the whole saga. Oh, sure, he […]

    / Aug 14, 2013 at 12:00 PM
  • I want to think that Iksil has a sense of humor about the whole thing and has this poster hanging in his living room. Though I guess it'll be funnier once any legal liability is behind him.

    News

    No One Wanted To Tell The London Whale He Was Looking A Little Bloated

    Here’s a good Sonic Charmer post about how JPMorgan could have prevented the London Whale loss by imposing a liquidity provision on the Whale’s desk: Liquidity provision means: ‘the more illiquid the stuff you’re trading, the more rainy-day buffer we’re going to withhold from your P&L’. And since one way a thing becomes illiquid is […]

    / Mar 28, 2013 at 5:58 PM
  • I will poke you!

    News

    Senate Subcommittee Feasting On Whale Today

    When I got the Senate Permanent Subcommittee on Investigations report on the London Whale last night, I did what any sensible human would do: I ctrl-F’ed for my name and the names of my friends and enemies, gloated briefly, and then set to work rationalizing not reading the rest of it. After all, it’s ridiculous […]

    / Mar 15, 2013 at 11:46 AM
  • inadrewnewyorktimes

    News

    Ina Drew Headed To Washington For A Little Chat Re: Marine Mammals

    The executive who led the J.P. Morgan Chase Co. cash-management unit at the center of the “London Whale” debacle is scheduled to testify Friday before a Senate panel probing the $6 billion trading loss at the nation’s largest bank by assets. Former Chief Investment Officer Ina Drew, who resigned as head of the unit last […]

    / Mar 13, 2013 at 4:15 PM
  • shamu

    News

    London Whale Also Not Responsible For Those Last 10 Pounds You Haven’t Lost

    There are a lot of things that, if you wanted to, you could legitimately blame on former JP Morgan employee London P. Whale. The $6.2 billion trading loss the bank incurred over the summer. Ina Drew getting fired. This awkward phone call. Some stuff you can’t pin on him, though many have tried: male pattern baldness, the bombing of Pearl Harbor, Apple Maps, Lehman Brothers’ bankruptcy, tempting as it may be.

    / Feb 28, 2013 at 1:32 PM
  • whale diagram

    Banks

    JPMorgan Dissects A Whale Carcass

    How should one read JPMorgan’s Whale Report? I suppose “not” is an acceptable answer; the Whale’s credit derivatives losses at JPMorgan’s Chief Investment Office are old news by now, though perhaps his bones point us to the future. One way to read it is as a depressing story about measurement. There were some people and […]

    / Jan 16, 2013 at 1:41 PM
  • Okay let's make that ... rock wall ... thing ... taller.

    News

    Regulators Close Aquarium Door Behind Escaped Whale

    Once upon a time there was a whale, and he had a synthetic credit portfolio, and one day he did terrible terrible things with that synthetic credit portfolio, and the next day he woke up and realized he had lost $5.8 billion, and he was sad. The question for you is: was that a disaster? […]

    / Jan 14, 2013 at 6:33 PM
  • News

    US Authorities Are Investigating A Smaller, Sous Chef Of A Whale In JPMorgan’s CIO Office

    A fourth London-based JPMorgan Chase trader is under scrutiny in the investigation by U.S. authorities into the bank’s nearly $6 billion trading loss, according to sources familiar with the situation. Julien Grout, a trader who joined JPMorgan Chase in 2009, is drawing attention because he worked in the bank’s Chief Investment Office and reported to […]

    / Sep 6, 2012 at 1:51 PM
  • News

    If You Work At JPMorgan And Are Thinking About Losing A Few Billion, Take Note

    “And I want you to know the London Whale issue is dead,” Jamie Dimon recently told a bunch of school children. “The Whale has been harpooned. Dessicated. Cremated…I am going to bury its ashes all over.” [NYM]

    / Aug 13, 2012 at 3:39 PM
  • News

    JPMorgan Still Reaping What Whale Boy Hath Sown

    JPMorgan can’t outrun the ripples from its multibillion-dollar “London Whale” trading blunder. The largest U.S. bank admitted Thursday in a federal filing that it pushed back a plan to resume share buybacks, scaled back several key measures of capital at the request of regulators and lost money on 28 trading days in the second quarter. […]

    / Aug 9, 2012 at 6:25 PM
  • it's not over 'til it's over

    JPMorgan Whale Isn’t Finished Here

    JPMorgan’s chief investment office has lost $5.8 billion on the trades so far, and that figure may grow by $1.7 billion in a worst-case scenario, Dimon, the bank’s chairman and chief executive officer, said today. [Bloomberg, related]

    / Jul 13, 2012 at 1:12 PM
  • News

    Call The JPMorgan (Whale Loss) Close (Updated)

    Did Bruno Iksil make the bank -$2 billion? -$9 billion? -$20 billion? Was this all just a hoax and he actually didn’t lose any money at all? JPMorgan will let us know tomorrow at 7AM.

    Standard Price Is Right rules, closest without going over. Guesses in by 4PM today. Winner will receive his or her choice of a visit from the sandwich fairy, a highly coveted whale bath toy, or an I heart Dealbreaker button.

    / Jul 12, 2012 at 1:21 PM
  • News

    Analysts Attempt To Call The JPMorgan (Second Quarter) Close

    Despite Jamie Dimon’s promise that JPMorgan will be “solidly profitable” for the quarter, some are skeptical given the growing estimates of Whale-boy’s losses. According Mike Mayo, the bank “will only make $727 million…including $4 billion of losses in the unit that made the bungled bet [though] if the losses exceed $5 billion, JPMorgan could make an overall loss.” Barclays’ Jason Goldberg thinks things are gonna be okay here, and sees the bank making $3.3 billion, assuming you know who will have only lost it $3 billion when all is said and done. And yourselves?

    Start considering your predictions now, as come July 13, there will be a visit from the Sandwich Fairy and a coveted bath toy for whoever comes closest without going over.

    Will The Whale Swallow JPMorgan’s Second-Quarter Earnings [Dealbook]

    / Jun 29, 2012 at 3:26 PM
  • News

    Bruno Iksil: Genius

    Mr. Iksil [who sometimes wore the same clothing several days in a row] once confided to the colleague that when he wanted to avoid questions from supervisors about his trades, he sometimes would start discussing a mathematical term, equation or other technical jargon, to confuse and end the conversation. “He wasn’t trying to evade, he sometimes […]

    / Jun 19, 2012 at 10:06 AM
  • JPMorgan Flogging

    Jamie Dimon: Don’t Blame The Risk Committee!

    They took JPMorgan through the financial crisis “with flying colors.” The Whale stuff was a blip. [Related]

    / Jun 13, 2012 at 10:44 AM
  • News

    Paying Bankers In Derivatives Worked Out So Well For Credit Suisse, Let’s All Do It

    BreakingViews has a couple of posts up about one of my favorite things in the financial universe, Credit Suisse’s habit of paying its bankers in structured credit instruments that take pages to describe. How’s that going? Great: Three years ago, around 2,000 employees were forced to take some $5 billion of the riskiest assets from […]

    / Jun 12, 2012 at 3:53 PM
  • News

    Volcker Rule Would Have Required JPMorgan Whale To Look Himself In The Mirror And Ask “Is This Really What I Want To Do With My Life?”

    It looks like London Whale Bruno Iksil is currently vacationing in a quantum state between fired and not-fired, which I suspect is relatively pleasant compared to, like, trading credit indices, and his immediate supervisors have all moved on to bluer oceans. But layers and layers of people above them continue to have to tug at […]

    / Jun 6, 2012 at 6:45 PM
  • News

    JPMorgan Isn’t Ready To Let Bruno Iksil Go

    You can take your said to be leavings and stick them where the sun don’t shine for all Jamie Dimon cares!

    Bruno Iksil, the London-based JPMorgan Chase & Co trader known as the “whale” believed to have been involved in the company’s $2 billion loss in derivatives, is still employed by JPMorgan, a spokeswoman for the bank said on Wednesday. Kristin Lemkau responded to a report on the New York Times website saying that Iksil is leaving the company. “He is still employed,” Lemkau said.

    JPMorgan still employs “whale” trader [Reuters]
    ‘London Whale’ Said to Be Leaving JPMorgan [Dealbook]

    / May 16, 2012 at 3:01 PM

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