Ex-JPMorgan Executive Fined $1.1 Million in ‘London Whale’ Case

A British regulator said on Tuesday that it had fined a former JPMorgan Chase executive for failing to be “open and cooperative” about concerns regarding trading that eventually cost the bank more than $6 billion in losses in 2012, an episode known as the London whale.

The regulator, the Financial Conduct Authority, said that Achilles Macris, a former executive in charge of JPMorgan’s international chief investment office in London, had been fined 792,900 pounds, or about $1.1 million, for failing to report concerns regarding the bank’s synthetic credit portfolio in March 2012 and in April 2012.

The chief investment office was created to invest JPMorgan’s own money and to help offset potential losses in the bank’s other businesses.

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