207:
disclosure, which resulted in headlines in the media, did not disclose the exact nature of the trading involved, which remained in progress as of May 16, 2012, as JPMorgan's losses mounted and other traders sought to profit or avoid losses resulting from JPMorgan's positions. As of June 28, 2012, JPMorgan's positions were continuing to produce losses which could total as much as $ 9 billion under worst-case scenarios. The trades were possibly related to CDX IG 9, a credit default swap index based on the default risk of major U.S. corporations that has been described as a "derivative of a derivative". On the company's emergency conference call, JPMorgan Chase
Chairman and CEO Jamie Dimon said the strategy was "flawed, complex, poorly reviewed, poorly executed, and poorly monitored".
216:
maturing on 20th
December 2017. The price of the CDX IG index reflects the credit risk of an underlying basket of North American investment-grade companies. Weinstein had noticed this contract was an unusually cheap way to buy credit protection relative to other more liquid indices. It turned out that JPMorgan was shorting the index by making huge trades. JPMorgan's bet was that credit markets would strengthen; the index is based on 121 investment grade bonds issued by North American corporations. Investors who followed Weinstein's tip did poorly during the early months of 2012 as JPMorgan strongly supported its position. However, by May, after investors became concerned about the implications of the
180:. Market-moving trades by the bank's Chief Investment Office had first been uncovered in June 2011 by Dan Alderson, a reporter at trade journal Creditflux, which reported on anomalies in CDX HY index tranche pricing dynamics caused by Iksil's trading activity. The same journal reported on further tranche trading activity by the JP Morgan unit two months later. By 2012, heavy opposing bets to his positions had been made by traders, including another branch of JPMorgan, who purchased the derivatives that JPMorgan was selling in high volume. JPMorgan denied the first news reports, with
321:
32:
220:, the situation reversed and JPMorgan suffered large losses. In addition to Weinstein's Saba Capital Management, Blue Mountain Capital, BlueCrest Capital, Lucidus Capital Partners, CQS, III, and Hutchin Hill are hedge funds which are known to have benefited from taking the other side of the trade to JPMorgan. A separate unit of JPMorgan was also on the winning side.
206:
On July 13, 2012, the total loss was updated to $ 5.8 billion with the addition of a $ 4.4 billion loss in the second quarter and subsequent recalculation of a loss of $ 1.4 billion for the first quarter. A spokesman for the firm claimed that projected total losses could be more than $ 7 billion. The
272:
The trades took place in a unit of JPMorgan that reported directly to
Chairman & CEO Jamie Dimon. In Congressional testimony it came out that Dimon wanted to be responsible for what information was revealed, and information was withheld from the regulators. There had been a series of violations
215:
On
February 2, 2012, at the Harbor Investment Conference, speaking to an audience of investors, Boaz Weinstein recommended buying the Markit CDX North America Investment Grade Series 9 10-Year Index, CDX IG 9. This contract was a standardized credit derivative contract with an initial 10y maturity,
268:
The trades occurred within the Chief
Investment Office (CIO), where staff were reportedly "faithfully executing strategies demanded by the bank's risk management model". This unit is reported to have very wide latitude in otherwise unsupervised trading. The company had been without a treasurer for
300:
firewall that separates core banking system from higher-risk, hedge fund-style proprietary trading". The rule's implementation had been repeatedly delayed however, with analysts predicting implementation in 2014 and lobbyists simultaneously pushing to delay it longer. The final version of the
1421:
JP Morgan Chase Whale Trades: A Case
History of Derivatives Risks and Abuses: Hearing before the Permanent Subcommittee on Investigations of the Committee on Homeland Security and Governmental Affairs, United States Senate, One Hundred Thirteenth Congress, First Session, March 15, 2013, Vol.
223:
The $ 6.2 billion loss came from three positions that partially offset one another. It occurred when the world's financial markets were in relative calm. Had quality spread curves twisted or worldwide economic distress been more pronounced the loss could have been much higher.
147:
These events gave rise to a number of investigations to examine the firm's risk management systems and internal controls. JPMorgan Chase agreed to pay $ 920 million in total fines to US and UK authorities. JPMorgan Chase cut chief executive
430:
239:
The internal investigation concluded in July 2012. It involved more than 1,000 people across the firm and outside law firm WilmerHale. A report issued in
January 2013 made the following "key observations"
796:
On a conference call with analysts on Friday, Mr. Dimon said that the trade could result in another $ 1.7 billion in losses in the future, but added that the estimate was considering a worst-case situation.
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column "Alphaville" analysis suggests that these positions were not volatile enough to account for the full losses reported. They suggest that other positions are likely involved as well.
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calling it a "tempest in a teapot". Major losses of $ 2 billion were reported by the firm in May 2012 in relation to these trades. By this point, the issue was being investigated by the
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144:, accumulated outsized CDS positions in the market. An estimated trading loss of $ 2 billion was announced. However, the loss amounted to more than $ 6 billion for JPMorgan Chase.
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In July 2017, U.S. prosecutors dropped criminal charges against two derivative traders from France and Spain after unsuccessful efforts to extradite them from their countries.
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247:"The Firm did not ensure that the controls and oversight of CIO evolved commensurately with the increased complexity and risks of certain CIO activities"
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five months during the time of the trades and had a relatively inexperienced executive, Irvin
Goldman, in charge of risk management in the CIO.
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was possibly being affected by aggressive trading activities. The source of the unusual activity turned out to be Bruno Iksil, a trader for
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296:, bans high-risk trading inside commercial banking and lending institutions. The Volcker rule is sometimes referred to as "a modern
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Bloomberg News and Robert
Schmidt identified several people at JPM involved in the lobbying and its government relations response.
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132:'s Chief Investment Office, based on transactions booked through its London branch. The unit was run by Chief Investment Officer
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On May 10, 2012, Dimon announced that there was a loss of at least $ 2 billion through "egregious mistakes" in trading.
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152:'s 2012 pay in half, from $ 23 million to $ 11.5 million, as a consequence for the $ 6 billion trading loss.
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140:(CDS) were entered, reportedly as part of the bank's "hedging" strategy. Trader Bruno Iksil, nicknamed the
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1162:"Cold Eye Over 'Whale' Probe - J.P. Morgan Board Picked 'Tough as Nails' Director to Head Trading Inquiry"
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1389:
https://web.archive.org/web/20130412010440/http://investor.shareholder.com/jpmorganchase/events-files.cfm
1280:
1207:
1187:"Report of JPMorgan Chase & Co. Management Task Force Regarding 2012 CIO Losses", January 16, 2013
931:"Crony Capitalism: After Lobbying Against New Financial Regulations, JPMorgan Loses $ 2B in Risky Bet"
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605:"The Hunch, the Pounce and the Kill: How Boaz Weinstein and Hedge Funds Outsmarted JPMorgan"
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483:"JPMorgan admits wrongdoing in 'London whale' trading scandal, fined more than $ 900m"
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19:"London whale" redirects here. For the whale lost in the River Thames in 2006, see
301:
Volcker Rule was passed on
December 10, 2013, which was implemented in July 2015.
1028:"I Was In The Room When Boaz Weinstein Revealed His Trade That Creamed JPMorgan"
349:
250:"CIO risk management was ineffective in dealing with synthetic credit portfolio"
244:"CIO judgment, execution and escalation in the First Quarter of 2012 were poor"
188:
149:
31:
256:"Approval and implementation of CIO Synthetic Credit VaR Model were inadequate"
1102:"JP Morgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses"
316:
161:
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431:"The 'London Whale' trader lost $ 6.2 billion, but he may walk off scot-free"
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JPM organizational structure, risk systems, accounting and internal control
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133:
136:, who later stepped down. A series of derivative transactions involving
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671:"As One JPMorgan Trader Sold Risky Contracts, Another One Bought Them"
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1054:"To Understand JPMorgan's Trading Fiasco You Have To Go Back To 2005"
755:
697:"In Scrutiny of JPMorgan Loss, Bigger Questions Left Unanswered"
379:"JPMorgan discloses $ 2B in losses in 'flawed' hedging strategy"
835:"JP Morgan's $ 2 Billion-Plus Loss Came On Three-Legged Trade"
25:
808:
Nelson D. Schwartz; Jessica Silver-Greenberg (May 16, 2012).
519:"London Whale scandal to cost JP Morgan $ 920m in penalties"
459:"JPMorgan Chase To Pay Huge Fine In London Whale Settlement"
1001:"JPMorgan's future losses at the mercy of an obscure index"
1281:"Analysis: JPMorgan to be haunted by change in risk model"
551:"JPMorgan CEO gets pay cut by half after $ 6 billion loss"
1306:"Senate JPMorgan Probe Said to Seek Tougher Volcker Rule"
852:
Jessica Silver-Greenberg; Susanne Craig (June 28, 2012).
778:"JPMorgan Fears Traders Obscured Losses in First Quarter"
294:
Dodd–Frank Wall Street Reform and Consumer Protection Act
128:
In April and May 2012, large trading losses occurred at
1208:"U.S. to drop criminal charges in 'London Whale' case"
956:
Jessica Silver-Greenberg; Peter Eavis (May 10, 2012).
810:"JPMorgan's Trading Loss Is Said to Rise at Least 50%"
630:"Little known prop book makes big waves in tranches"
253:"Risk limits for CIO were not sufficiently granular"
1232:Fitzpatrick, Dan; Steinberg, Julie (May 18, 2012).
56:. Unsourced material may be challenged and removed.
958:"JPMorgan Discloses $ 2 Billion in Trading Losses"
724:"Dimon: London Whale issues "tempest in a teapot""
647:Zuckerman, Gregory; Burne, Katy (April 6, 2012).
1361:"JPMorgan Drafts Republicans for Damage Control"
854:"JPMorgan Trading Loss May Reach $ 9 Billion"
577:"JPMorgan Chase cuts CEO Dimon's pay in half"
8:
1455:Separation of investment and retail banking
277:regulations requiring certain protections.
776:Jessica Silver-Greenberg (July 13, 2012).
995:
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116:Learn how and when to remove this message
906:"Chart of the Day: London Whale trading"
664:
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575:Rexrode, Christina (January 16, 2013).
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305:Lobby efforts and government relations
1080:"How Hutchin Hill Took Down JPMorgan"
284:Impact on Volcker Rule implementation
7:
751:"More Bad News as FBI gets involved"
649:"'London Whale' Rattles Debt Market"
54:adding citations to reliable sources
1206:Stempel, Jonathan (July 21, 2017).
457:Zarolli, Jim (September 19, 2013).
65:"2012 JPMorgan Chase trading loss"
14:
1234:"Key Void at Top for J.P. Morgan"
1331:"Description: Final Regulations"
319:
172:became aware that the market in
30:
1403:"The Tale Of A Whale Of A Fail"
1026:Julia La Roche (May 18, 2012).
904:Farah Khalique (May 11, 2012).
749:Touryalai, Halah (2012-05-15).
695:Jesse Eisinger (May 16, 2012).
429:Merle, Renae (April 13, 2017).
41:needs additional citations for
880:"Making Waves Against 'Whale'"
722:Poly Lesova (April 13, 2012).
1:
878:Katy Burne (April 10, 2012).
517:Rushe, Dominic (2013-09-19).
1401:Levine, Matt (11 May 2012).
669:Azam Ahmed (May 15, 2012).
603:Azam Ahmed (May 26, 2012).
1481:
982:"Two Billion Dollar Hedge"
18:
1365:Bloomberg / Business Week
1124:"Financial Times content"
218:European financial crisis
1440:2012 in economic history
1196:. Retrieved 25 June 2014
1052:Lisa Du (May 19, 2012).
16:$ 6 billion trading loss
1239:The Wall Street Journal
1192:March 19, 2014, at the
1151:(subscription required)
1132:(subscription required)
1100:Wallace C. Turbeville.
1007:. Reuters. May 17, 2012
884:The Wall Street Journal
653:The Wall Street Journal
178:JPMorgan Chase & Co
170:Saba Capital Management
361:References and sources
335:List of trading losses
1460:Banking controversies
1445:Derivatives (finance)
497:Agence France-Presse
174:credit default swaps
138:credit default swaps
50:improve this article
1264:. BBC. Sep 1, 2014.
411:. February 24, 2016
340:Proprietary trading
1005:The Economic Times
962:The New York Times
858:The New York Times
814:The New York Times
785:The New York Times
701:The New York Times
675:The New York Times
609:The New York Times
557:. January 16, 2013
405:"The London Whale"
160:In February 2012,
21:River Thames whale
1341:on 22 August 2016
1266:. Interview with
1168:. August 20, 2012
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1367:. 12 June 2012
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1369:. Retrieved
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