Ex-JPMorgan exec challenges London Whale findings

Beached Whale

A former JPMorgan executive in Europe is appealing findings by Britain's financial watchdog that criticised his actions in connection with the 'London Whale' scandal.

Reuters reports that Achilles Macris, who is appealing, ran the London division of JPMorgan's Chief Investment Office, where Bruno Iksil, nicknamed 'the London Whale' for the size of the his derivatives trades, stacked up huge losses, more than $6.2bn at last count.

JPMorgan agreed to pay $920m in penalties last month to the U.S. Federal Reserve, the U.S. Securities and Exchange Commission, the U.S. Comptroller of the Currency and the UK's Financial Conduct Authority over the trading scandal.

The FCA notice of its fine, totalling $221.9m, did not mention Macris by name but said that 'by virtue of the conduct of the CIO London management' JPMorgan had deliberately misled the regulator.

A spokesman Macris said he had not been given a proper opportunity by the FCA to respond to the criticisms before they were published.

To access the complete Reuters article hit the link below

Former JPMorgan executive challenges UK's London Whale report

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