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Ex-bosses at JPMorgan unlikely to face charges in ‘Whale’ scandal

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Emily Flitter and David Henry
Reuters
August 15, 2013

The JPMorgan Chase & Co executives who supervised the traders at the center of the “London Whale” scandal are unlikely to face any charges over a trading debacle that cost the largest U.S. bank more than $6.2 billion, people familiar with the probe said.

Federal prosecutors on Wednesday brought criminal charges against two former JPMorgan traders – Javier Martin-Artajo and Julien Grout – accusing the pair of deliberately understating losses on the trades on JPMorgan’s books.

The complaints make only passing reference to their former bosses. Neither Ina Drew, the bank’s former chief investment officer, nor Achilles Macris, a former top Chief Investment Office executive, are mentioned by name in the complaints filed in New York.

The filings refer to Drew and Macris only by their titles and said they put pressure on their subordinates at one point to deal with the high degree of risk being taken on in the portfolio of derivatives trades that led to the losses.

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This article was posted: Thursday, August 15, 2013 at 11:09 am





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