JPMORGAN CHASE WHALE TRADES: A CASE HISTORY OF DERIVATIVES RISKS AND ABUSES

Chief Risk Officer for the CIO as well as the bank’s Treasury and Corporate offices. 72 Since
2007, Patrick Hagan served as the CIO’s chief quantitative analyst. 73
24
The International Chief Investment Officer was Achilles Macris, who joined the CIO in
2006, rose quickly to management, and served as Ms. Drew’s top deputy in the CIO’s London
office. 74 He oversaw management of the Synthetic Credit Portfolio. Prior to working at the
CIO, Mr. Macris worked for Dresdner Kleinwort Wasserstein, a British investment bank, as a
proprietary trader. 75
Mr. Macris is a Greek national and U.S. citizen.
Javier Martin-Artajo joined the CIO in 2007, as the head of Credit and Equity Trading. 76
He worked in the CIO’s London office, reported to Mr. Macris, and directly oversaw the
Synthetic Credit Portfolio. 77 He had earlier worked for Mr. Macris at Dresdner Kleinwort
Wasserstein. 78 Mr. Martin-Artajo is a Spanish national living in London. 79
Bruno Iksil was a trader in the CIO’s London office and reported to Mr. Martin-Artajo. 80
Mr. Iksil joined the CIO in 2005, and served as the head trader managing the Synthetic Credit
Portfolio from January 2007 until April 2012. 81 Prior to joining JPMorgan, Mr. Iksil worked as
a proprietary trader at Banque Populaire and later as head of Credit Derivatives at Natixis, a
French investment bank. 82
Mr. Iksil is a French national who lived outside of Paris and
72
2013 JPMorgan Chase Task Force Report, at 15.
73
Subcommittee interview of Patrick Hagan, CIO (2/7/2013).
74
Subcommittee interview of Ina Drew, CIO (9/7/2012); 4/2012 JPMorgan Chase & Co. internal presentation to
Subcommittee entitled, “Chief Investment Office – Organization,” JPM-CIO-PSI 0001875, at 876, 879.
75
See “JPMorgan Said to Transform Treasury to Prop Trading,” Bloomberg, Erik Schatzker, Christine
Harper, and Mary Childs (4/13/2012), http://www.bloomberg.com/news/2012-04-13/jpmorgan-said-to-transformtreasury-to-prop-trading.html.
76
Apr. 2012 JPMorgan Chase & Co. internal presentation to Subcommittee entitled, “Chief Investment Office –
Organization,” JPM-CIO-PSI 0001875, at 880. See also “JPMorgan Said to Transform Treasury to Prop Trading,”
Bloomberg, Erik Schatzker, Christine Harper, and Mary Childs (4/13/2012),
http://www.bloomberg.com/news/2012-04-13/jpmorgan-said-to-transform-treasury-to-prop-trading.html.
77
Subcommittee interview of Ina Drew, CIO (9/7/2012); see also “At J.P. Morgan, Whale & Co. Go,” Wall Street
Journal, Dan Fitzpatrick and Gregory Zuckerman (7/13/2012); “JPMorgan Said to Transform Treasury to Prop
Trading,” Bloomberg, Erik Schatzker, Christine Harper, and Mary Childs (4/13/2012),
http://www.bloomberg.com/news/2012-04-13/jpmorgan-said-to-transform-treasury-to-prop-trading.html.
78
Subcommittee interview of Ina Drew, CIO (9/7/2012); see also “JPMorgan Said to Transform Treasury to Prop
Trading,” Bloomberg, Erik Schatzker, Christine Harper, and Mary Childs (4/13/2012),
http://www.bloomberg.com/news/2012-04-13/jpmorgan-said-to-transform-treasury-to-prop-trading.html.
79
JPMorgan Chase Task Force interview of Javier Martin-Artajo, CIO (9/6/2012) (partial read out).
80
Apr. 2012 JPMorgan Chase & Co. internal presentation to Subcommittee entitled, “Chief Investment Office –
Organization,” JPM-CIO-PSI 0001875, at 880.
81
Subcommittee interview of Ina Drew, CIO (9/7/2012); see also “‘London Whale’ Rattles Debt Market,” Wall
Street Journal, Gregory Zuckerman and Katy Burne (4/6/2012),
http://online.wsj.com/article/SB10001424052702303299604577326031119412436.html; “JPMorgan Trader Iksil
Fuels Prop-Trading Debate with Bets,” Bloomberg, Sharron D. Harrington, Bradley Keoun, and Christine Harper
(4/9/2012), http://www.bloomberg.com/news/2012-04-09/jpmorgan-trader-iksil-fuels-prop-trading-debate-withbets.html.
82
See “Ten Questions to be Answered on ‘London Whalegate,’” Financial News (5/11/2012),
http://www.efinancialnews.com/story/2012-05-11/10-questions-jp-morgan-scandal-iksil; “JPMorgan Trader Iksil
Fuels Prop-Trading Debate With Bets,” Bloomberg, Shannon D. Harrington and Christine Harper (4/9/2012),
http://www.bloomberg.com/news/2012-04-09/jpmorgan-trader-iksil-fuels-prop-trading-debate-with-bets.html.