×

'London whale' trader won't face charges: source

JPMorgan Chase
Adam Jeffery | CNBC

The trader at the center of JPMorgan Chase's $6.2 billion "London whale" trading loss last year will not face charges related to the incident, a source familiar with the matter said on Thursday.

Bruno Iksil, who worked in JPMorgan's chief investment office in London and incurred losses on oversized positions in a derivatives market, is cooperating with government investigators, the source said.

Meanwhile, Dow Jones reports that the Securities and Exchange Commission wants JPMorgan to admit to wrongful conduct in the multibillion-dollar blunder as part of any resolution of its investigation, according to people close to the matter.