Where is Bruno Iksil now?

Bruno Iksil, the former City trader known as the “London Whale”, has spent the past five years at home with his family in France, about 50 miles south of Paris. He runs, cycles or swims each day. He plays card games with his kids and helps with their homework.

How much did the London Whale loss?

$6.2 billion
Bruno Iksil achieved Wall Street notoriety with one of the worst trades in history.

What is a whale in banking?

A series of derivative transactions involving credit default swaps (CDS) were entered, reportedly as part of the bank’s “hedging” strategy. Trader Bruno Iksil, nicknamed the London Whale, accumulated outsized CDS positions in the market. An estimated trading loss of $2 billion was announced.

What happened to the London Whale?

Initially, by the end of the week on May 11, 2012 when the firm held a hastily convened conference call regarding transparency around the London Whale trades, JP Morgan suffered a loss of 14.4 billion from its market capitalization as its stock price fell 11.47% in two days (Ebrahimi, Aldrick & Wilson, 2012).

Why is it called the London Whale?

THE LONDON WHALE The JPMorgan scandal involved a trader in its London office who became known as the “London Whale” because of the size of his market bets (see “Why a Whale?”).

What is whale trade?

Whaling is the process of hunting of whales for their usable products such as meat and blubber, which can be turned into a type of oil that became increasingly important in the Industrial Revolution. It was practiced as an organized industry as early as 875 AD.

What sources and contingencies of power gave Bruno Iksil considerable power in the CIO group at JP Morgan?

In this case, Bruno Iksil has all three sources of position power; legitimate, reward, and coercive. This is due to the power that he has inside the CIO of JP Morgan as he does not require approval for some investment choices.