The JPMorgan Chase trader who is believed to have placed a massive bet that resulted in at least $2 billion in losses is leaving the bank, according to a new report.
It is unclear when Bruno Michel Iksil will depart. A bank spokeswoman told The New York Times that Iksil was still currently employed but was no longer trading on behalf of the bank and was expected to be gone by the end of the year.
Iksil, nicknamed the “London Whale,” has been working out of the company’s Chief Investment Office in London.
The deep-pocketed Iksil earned a reputation for taking on large positions in financial products known as credit-default swaps.
Iksil’s departure follows the Monday resignation of Ina Drew, who had run the bank’s risk-management unit, which was responsible for the losses.
Last week, JPMorgan disclosed it had incurred $2 billion in trading losses, stemming from derivatives bets gone wrong at the bank’s Chief Investment Office.
On a conference call last week, JPMorgan CEO Jamie Dimon called the bank’s trading strategy “flawed, complex, poorly reviewed, poorly executed and poorly monitored.” He described the error as “egregious” and “self-inflicted.”