Probe into ‘London Whale’ off
Print Edition
BRITAIN’S financial watchdog yesterday dropped a probe into Frenchman Bruno Iksil, an ex-JPMorgan trader known as the “London Whale” for massive gambles that led to losses of US$6.2 billion.
“We can confirm that we will not be taking any further action,” said a spokeswoman for the Financial Conduct Authority, without giving further details.
Iksil’s lawyer Michael Potts from law firm Byrne and Partners added: “I can confirm that the FCA has dropped its investigation into my client.”
Potts said that the decision came after the FCA’s Regulatory Decisions Committee, an independent panel of independent experts, had “rejected their case.”
Derivatives trader Iksil had been under investigation in Britain for three years. A separate US investigation has also been dropped in exchange for his co-operation.
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