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JPM set to probe $2bn loss

JPMorgan Chase is investigating whether London-based traders hid the extent of losses from credit derivatives positions after the firm announced $2bn worth of losses last week.

According to the FT, the futures of the trading unit and a number of people who work there are being looked into with potential departures in the next 24 hours.

JPMorgan Chase is looking at whether it was right to base the chief investment office – which houses the trading unit – in London. CIO head Ina Drew, head of the London-based trading team Achilles Macris and another team member Javier Martin-Artajo, may all depart in the near future, according to the report.

JPMorgan Chase chief executive Brett Dimon has placed head of market risk Ashley Bacon in charge of winding down the large positions which created the subsequent losses.

Hedge funds were complaining that JPMorgan Chase was distorting markets through a massive position in a credit derivatives index.

The Wall Street Journal reported last month that the trader, French-born Bruno Michel Iksil, nicknamed the ‘London Whale’, had created a large position in the likes of credit default swaps.


RSM Tenon suspends tax service offering

RSM Tenon has suspended new product offers through its specialist tax service arm following the Government’s announcement of an anti-avoidance rule in the 2012 Budget. In the 2012 Budget, Chancellor George Osborne announced plans to introduce general anti-avoidance rules in a bid to improve transparency and counteract the avoidance of tax. A statement from RSM […]

Swip appoints head of marketing

Scottish Widows Investment Partnership has appointed Ian Marsh as head of marketing. Marsh will be responsible for Swip’s marketing strategy across a range of disciplines including client communications, advertising and brand management. He joins Swip from BlackRock where for two years he was managing director, head of marketing communications EMEA. Prior to this Ian held […]

Thames River survey finds top performers

Thames River Multi-Capital says the most consistent two sectors for top-quartile returns over the last three years are the IMA global emerging markets and the IMA Europe ex-UK sectors. In its latest FundWatch survey, the firm says 10 per cent of funds in the IMA global emerging markets sector and 5 per cent of funds […]

Lenders scrap plans for loan fraud unit

Lenders have scrapped plans to launch a specialist mortgage fraud unit within the City of London Police. Last year, the Council of Mortgage Lenders held talks with its members, the National Fraud Authority and the City of London Police about funding a unit with the aim of targeting mortgage fraudsters. But lenders have decided their […]

Burnett: what needs to happen for value to start performing again?

Value stocks have significantly underperformed growth stocks in Europe in the past decade. However, Rob Burnett, manager of the Neptune European Opportunities Fund, believes we are now approaching an inflection point. Watch the video below to find out more. In the video, Rob discusses: How low inflation and loose monetary policy since the global financial […]


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