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Report: JPMorgan “Whale” unlikely to face charges

August 9, 2013

WASHINGTON (AP) — The London trader at the center of JPMorgan Chase’s $6 billion trading loss is unlikely to face federal charges, according to a news report Friday.

Bruno Iksil, the so-called “London Whale” who placed many of the large bets that led to the loss, is not a target of the Justice Department or the Securities and Exchange Commission, according to the report in The Wall Street Journal.

The SEC’s investigation is nearing completion and JPMorgan could face civil charges for its oversight of the London office, according to reports Thursday in both The Journal and The New York Times.

The trading loss disclosed in 2012 was an embarrassment for the biggest U.S. bank and raised concerns about risk-taking at Wall Street banks four years after the financial crisis.

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