JPMorgan Board Name 'Whale' Probe Lead, French Banks Said Considering Sending Staff To Lower Tax London

JPMorgan board member Lee Raymond is said to have been tapped on the shoulder to lead the board's probe into the firm's $5.8bn 'London Whale' trading fiasco.

The Wall Street Journal has reported that Raymond will lead an independent panel with authority to review management findings on the debacle, and question any company employee it sees fit.

Raymond is seen as a bad ar.e, who has been described as 'tough as nails' by former colleagues. He is expected to undertake a rigorous investigation.

Finally, Reuters reports that French banks like Societe Generale are mulling over moves to transfer senior investment bankers to London, in a bid to avoid employees having to fork out 75% of their earnings in tax to the French government.

The news agency quotes Stephane Rambosson, Managing Partner of executive search firm Veni Partners, who said: 'Many French banks have planned to transfer more operations to London. The tax burden is lighter, and there is more flexibility there. It also makes sense to grow international operations from there'.

Hit the link below to access the complete Bloomberg article:

Tax-soaked French bankers feeling London's lure

image: © brydeb

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