Friday, May 11, 2012

Bruno Michel Iksil a London Based Trader behind JPMorgan's $2bn loss ?

Speculation is mounting that a British-based trader dubbed 'Voldemort' is behind a $2billion loss for America's largest bank.

The man, also nicknamed the 'London Whale' and the 'White Whale', is suspected by financial analysts of making massive and hugely risky trades for JPMorgan Chase when he should have been mitigating risk.

Bruno Michel Iksil, as he has been named by the Washington Post, is French-born, based in London and worked for the Chief Investment Office which has been at the heart of the bank's recent losses.

In his Bloomberg trading profile he reportedly compared himself to Jesus by saying he could 'walk on water'.

He graduated in engineering from the Ecole Centrale in Paris in 1991, and was brought into the CIO unit to head its credit desk, an asset class the unit had not previously covered.

Little else is known about the trader, who was the subject of a Wall Street Journal report last month which revealed his 'bets' were so large they could 'move prices in markets worth trillions of dollars'.

Bloomberg also said his group of traders had a $200billion portfolio and made a staggering $5billion in profits in 2010. Read More