Bruno Iksil, nicknamed "The While Whale" who is a Credit Default Swap Trader at JP Morgan, London branch, was responsible for losing $2bn (1.25 GBP) betting large amounts on CDS derivatives - apparently, the Chief Executive Jamie Dimon had already been warned that this was an accident waiting to happen.
On Thursday after the market closed, JP Morgan informed the market that it had lost $800m in the past six weeks due to this huge loss in trading and on the following day the shares were heavily punished by dropping nearly 9pc and reducing the market cap of the company by a massive $14.5bn.
JP Morgan's credit rating was consequently lowered by SndP and Fitch on Friday.
The Telegraph - UK
CNN Money
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