Wall Street Hit Goes Beyond Hurricane Sandy
On Wednesday, Bloomberg 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 Bloomberg reported few details from the complaint. Already, JPMorgan has clawed back 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.
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