FCA fines ex-JP Morgan boss £793k over 'London Whale' trades

Failed to be "open and cooperative"

Daniel Flynn
clock • 1 min read

The Financial Conduct Authority has fined Achilles Macris, former head of CIO International for JPMorgan Chase Bank, £792,900 for his involvement in the so-called ‘London Whale' trades.

Macris was responsible for a number of portfolios at the company, including the Synthetic Credit Portfolio, at a time when it experienced trading losses of around $2bn following a series of derivative transactions involving credit default swaps. According to the FCA, Macris was the main contact with the regulator at the time in relation to CIO International, where he failed to reveal concerns with the portfolio in an "open and cooperative" way. Mark Steward, director of enforcement and market oversight at the FCA, said: "A failure to communicate openly with us can affect the well-runn...

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