(Reuters) - Bruno Iksil, the former JPMorgan Chase & Co (JPM.N) trader at the center of the “London Whale” trading scandal, has accused the Wall Street bank’s Chief Executive James Dimon of laying the ground for the $6.2 billion loss.
In an account on his website, Iksil, a French national who traded credit derivatives for JPMorgan in London, also blamed senior executives at the bank. (bit.ly/2sjf2WS)
“The senior executives chose Iksil to work as a screen for them in late 2010”, he said.
The Chief Investment Office (CIO), where Iksil worked, lost $6.2 billion in trading in 2012, hurting the bank’s reputation.
“When the CIO of JPMorgan had lost $1 billion dollar, JPMorgan as a whole had made $4 billion for itself net of its CIO loss,” Iksil alleged.
“The JPMorgan CIO lost in whole $6.3 billion which led to an ultimate profit at JPMorgan of more than $25 billion in 2012,” he said on the website.
The bank had to pay more than $1 billion and admit to wrongdoing to settle U.S. and British probes into the losses.
JPMorgan declined to comment.
Reporting by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila