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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.

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