Everybody seems to be talking about the NYC office of JPMorgan and therefore show they haven't been reading the actual news sites.
Bruno Iksil – nicknamed the London Whale - is a Frenchman who works in the London offices of JPMorgan.
JP Morgan trader 'London Whale' blows $13bn hole in bank's value
Link to a clip from Bloomberg.tv JPMorgan Loss May Be `Tip of IcebergIksil was part of team based in JP Morgan's London head office, which was supposed to hedge – or insure – the risks the bank was running. The biggest was credit risk, essentially the chance of customers failing to pay their bills – and the bank had a new strategy to hedge this risk.
Iksil was one of a number of traders involved in this, but the size of his trade in credit default swaps attracted the attention of his rivals. His positions were so large that he was said to be moving prices in this market. In particular, Iksil offered insurance against companies defaulting on an obscure index of 125 companies known as CDX IG 9. The companies on the IG 9 index were as varied as Campbell's Soup, Time Warner and Walt Disney. During his time at JP Morgan, Iksil is reported to have generated $100m, and is usually known for his bearish stances, performing particularly well during downturns.
There is thought to be more than one high-profile trade behind the losses – which the bank has admitted could escalate.