Aug 3 JPMorgan Chase concluded that a
trader nicknamed "London whale" was urged by his boss to put
higher values on some positions than they might have fetched in
the open market at the time, the Wall Street Journal said,
citing people familiar with the probe.
JPMorgan's conclusion is based on a series of emails and
voice communications in late March and April, as losses on
trader Bruno Iksil's bullish credit-market bet mounted, the
The bank believes emails and voice communications show the
executive, Javier Martin-Artajo, pushing Iksil to adjust trade
prices higher, the Journal said, citing people close to the
Martin-Artajo was then credit-trading chief for the
company's chief investment office.
A source told Reuters last month that Iksil has left the
bank. Achilles Macris, head of the chief investment office in
Europe where the losses occurred, and Martin-Artajo have also
departed, reports said.
Greg Campbell, a lawyer for Martin-Artajo, told the Wall
Street Journal that his client "unequivocally denies any
wrongdoing on his part and is confident that he will be
completely exonerated when the investigations into these events
have been completed."
Iksil's lawyer, Raymond Silverstein, could not be reached
for comment. He has previously denied any wrongdoing by Iksil.
JPMorgan could not immediately be reached for comment by
Reuters outside regular business hours.