JPMorgan Said To Reach Deal With 'Whale' Boss

Beached Whale

JPMorgan Chase & Co has reached an out-of-court settlement over its lawsuit against the former boss of Bruno Iksil, the trader known as the 'London Whale' for huge bets he took that cost the bank $6.2bn, a person familiar with the matter said.

Reuters reports that Javier Martin-Artajo, who was Iksil's immediate supervisor, had been named as a defendant in a lawsuit filed at London's High Court on October 22.

In the meantime, Bloomberg reports that the firm has reduced its 2013 stock-repurchase request with federal bank regulators by at least 20% after suffering its biggest trading loss ever last year.

JPMorgan asked the Federal Reserve if it could buy back less than $3bn per quarter when it submitted its annual capital request in January, Chief Executive Officer Jamie Dimon, 56, told analysts on a conference Wednesday.

JPMorgan settles lawsuit against "Whale" boss - source

JPMorgan Lowers Buyback Request to Less Than $12 Billion

image: © brydeb

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