Chase Voldemort $2 Billion, JP Morgan's Dimon: 'I understand the frustration'---Speculation is mounting that a British-based trader dubbed ‘Voldemort’ is behind a $2billion loss for America’s largest bank. The man, also nicknamed the ‘London Whale’ and the ‘White Whale’, is suspected by financial analysts of making massive and hugely risky trades for JPMorgan Chase when he should have been mitigating risk.
Bruno Michel Iksil, as he has been named by the Washington Post, is French-born, based in London and worked for the Chief Investment Office which has been at the heart of the bank’s recent losses.
Little else is known about the trader, who was the subject of a Wall Street Journal report last month which revealed his ‘bets’ were so large they could ‘move prices in markets worth trillions of dollars’.
Bloomberg also said his group of traders had a $200billion portfolio and made a staggering $5billion in profits in 2010.
Bruno Michel Iksil, as he has been named by the Washington Post, is French-born, based in London and worked for the Chief Investment Office which has been at the heart of the bank’s recent losses.
Little else is known about the trader, who was the subject of a Wall Street Journal report last month which revealed his ‘bets’ were so large they could ‘move prices in markets worth trillions of dollars’.
Bloomberg also said his group of traders had a $200billion portfolio and made a staggering $5billion in profits in 2010.
