Newspapers reveal identity of JP Morgan trader responsible for $2billion loss
Saturday's newspapers have revealed details of the man thought to be responsible for the massive loss at JP Morgan which has sent shockwaves through the city.The Guardian has named him as Bruno Iksil, thought to be one of the highest-paid bankers in London.
Married with four children, he spends Monday to Thursday in London, staying in a flat in Earls Court, returning to France on Fridays. A graduate in engineering from the École Centrale in Paris 20 years ago, Iksil had become well known in the opaque $10tn market for credit default swaps.
The Mail, The Sun and The Mirror point out that he had earned the nickname of the "London Whale" and also Voldemort, after Harry Potter's nemesis.
The Telegraph reports the firms' bosses were told the loss was an accident waiting to happen.
JP Morgan's $2 billion trading loss has had a negative knock-on effect on a number of other banks. After the bank made the announcement their shares fell by 7%. Other banks also experienced falls in their shares:
Citigroup was down 3.3%
Bank of American was down 2.9%
Morgan Stanley was down 2.4%
Goldman Sachs was down 2.2%
Analysts say the lack of details of how exactly the bank made the colossal loss over six weeks is adding to market jitters.