JPMorgan Chase employed the trader known as the “London Whale” during the 2012 trading scandal.
The nickname referred to Bruno Iksil, a trader in JPMorgan Chase’s Chief Investment Office in London. His large positions in credit derivatives, particularly credit-default swap indexes, became unusually influential in financial markets and attracted attention from other traders.
In May 2012, JPMorgan disclosed that the positions had produced substantial losses. The bank ultimately reported trading losses of more than $6 billion, making the episode one of the most prominent banking scandals after the global financial crisis.
Iksil was widely called the “London Whale,” but the scandal involved broader risk-management failures rather than only one individual. JPMorgan’s internal controls, management oversight, and public disclosures were heavily criticized, and U.S. regulators later imposed significant penalties. The episode is also known as the “London Whale” trading loss.