London Whale Boss Got $31.8m In 2 Years Before $6.2bn Trading Loss

Beached Whale

JPMorgan paid Achilles Macris $31.8m in the two years before the firm racked up at least $6.2bn of losses on a portfolio he oversaw, more than his boss Ina Drew and among the most at the bank.

Bloomberg reports that Macris’s total compensation was $14.5m for 2011 and about $17.3m for 2010, according to a presentation in the Senate Permanent Subcommittee on Investigations report released Thursday.

Drew, the former Chief Investment Officer who lost her job because of the bad trades, forfeited her pay for those two years, a total of $29m.

Macris, a Greek national and U.S. citizen, was behind the expansion into credit trading at the chief investment office, which approved his 'new business initiative' in May 2006, according to the report. That led to the creation of a 'synthetic credit portfolio' that caused last year’s losses tied to Bruno Iksil, the derivatives trader dubbed the London Whale for the size of his position in the market.

Hit the link below to access the complete Bloomberg article:

JPMorgan’s Macris Was Paid More Than His Boss Before Whale Loss

JPMorgan Misled Investors, Dodged Regulator, Report Shows

JPMorgan Hid Trades Banned by Volcker Rule, Senate Probe Finds

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