Fourth JPMorgan trader in UK dragged into London Whale probe over $6bn trading loss

A fourth London-based JPMorgan Chase trader is under scrutiny in the investigation by US authorities into the bank’s nearly $6bn (£3bn) trading loss, according to reports.

Julien Grout, a trader who joined JPMorgan Chase (JPM.N) in 2009, is drawing attention because he worked in the bank’s Chief Investment Office and reported to Bruno Iksil, the French credit trader who is a central figure in the federal probe, Reuters claimed, citing two sources familiar with the situation.

US authorities are trying to determine whether traders in the bank’s London office, including Iksil, took steps to try to hide some of the losses the bank was incurring on a series of complex derivatives trades. In the trading community in London, Iksil became known as the London Whale because of the large positions he and his colleagues were taking on.

Grout is still working for JPMorgan, according to a bank spokeswoman. He has declined to comment, she said.

Read on.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s