Arab Today, arab today exjp morgan banker fined 11bn over london whale scandal
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Ex-JP Morgan banker fined $1.1bn over 'London Whale' scandal

Arab Today, arab today

Arab Today, arab today Ex-JP Morgan banker fined $1.1bn over 'London Whale' scandal

Ex-JP Morgan banker fined $1.1bn
London - AFP

Britain's financial watchdog on Tuesday fined a former JP Morgan executive for failing to disclose concerns about the so-called "London Whale" affair that cost the bank $6.2 billion.

Achilles Macris, ex-boss of the bank's international chief investment office in London, was fined £792,900 ($1.1 million, 1.0 million euros), the Financial Conduct Authority (FCA) said in a statement.

Macris "was responsible for a number of portfolios, including the Synthetic Credit Portfolio, at the time of what became known as the ?London Whale? trades," the FCA said.

The watchdog added that between March and April (LSE: 0N69.L - news) 2012, Macris did not inform regulators about concerns over the portfolio.

"A failure to communicate openly with us can affect the well-running of markets and cause unnecessary harm to investors, especially in times of financial stress or crisis," said Mark Steward, the FCA's director of enforcement and market oversight.

"Regulators need open communication with firms so that better decisions can be made sooner.

"Mr Macris should have explained the position more squarely, especially when he knew the Synthetic Credit Portfolio?s losses had worsened."

The "London Whale" was Frenchman Bruno Iksil, a former JP Morgan trader whose massive gambles led to enormous losses of $6.2 billion in 2012. Back in July, the FCA dropped its probe of him without giving an explanation.

JP Morgan declined to comment on the FCA fine.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today exjp morgan banker fined 11bn over london whale scandal Arab Today, arab today exjp morgan banker fined 11bn over london whale scandal

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today exjp morgan banker fined 11bn over london whale scandal Arab Today, arab today exjp morgan banker fined 11bn over london whale scandal

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday