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JPMorgan Chase & Co. : Former JPMorgan executive challenges UK’s London Whale report

JPMorgan Chase & Co. : Former JPMorgan executive challenges UK’s London Whale report

A former JPMorgan Chase & Co executive in Europe is appealing findings by Britain’s financial watchdog that criticised his actions in connection with the “London Whale” scandal.

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 $6.2 billion (3.8 billion pounds) at last count.

JPMorgan agreed to pay $920 million 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 (FCA) over the trading scandal.

The FCA notice of its fine, totalling 137.6 million pounds, 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.

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