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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
