reported JPMorgan is suing some of the traders responsible for supervising the bank's disastrous "London Whale" trading position at its Chief Investment Office, which has so far culminated in
in $6.2 billion in losses
According to the Wednesday lawsuit, JPMorgan is suing Javier Martin-Artajo, the boss of trader Bruno Iksil, who is known as the London Whale. However
reported few details from the complaint. Already, JPMorgan has
two years of pay from executives and traders involved with the losing trade. The loss, disclosed through the summer, forced JPMorgan CEO Jamie Dimon
to admit mistakes
and curb the CIO, once one of Wall Street's largest traders, from taking big risks.
Taken as a whole, the negative news emanating from the likes of Barclays, UBS and JPMorgan signal that while the financial district was shuttered in recent days a once-in-a-century natural disaster did little to slow the retreat of Wall Street from the risk-taking that was once so profitable prior to the financial crisis.
-- Written by Antoine Gara in New York