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. The developments came as the New York company tried to unwind a series of problematic positions taken by a trader in the bank's Chief Investment Office nicknamed the "London Whale" for his outsize market bets. [WSJ]
JPMorgan Chief Risk Officer: "I want to reiterate the critical role that we play at J.P. Morgan Chase"
In case that was unclear. Also, no more "surprises" like you know what again, please.
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.
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]