{"id":7465,"date":"2022-03-17T17:47:48","date_gmt":"2022-03-17T16:47:48","guid":{"rendered":"https:\/\/www.simtrade.fr\/blog_simtrade\/?p=7465"},"modified":"2026-01-30T20:49:56","modified_gmt":"2026-01-30T20:49:56","slug":"bruno-iksil-jp-morgan","status":"publish","type":"post","link":"https:\/\/www.simtrade.fr\/blog_simtrade\/bruno-iksil-jp-morgan\/","title":{"rendered":"What happened between Bruno Iksil &#038; JP Morgan"},"content":{"rendered":"<p><a href=\"https:\/\/www.linkedin.com\/in\/louis-detalle-586a6a1b5\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" style=\"padding: 5px;\" title=\"\" src=\"https:\/\/www.simtrade.fr\/blog_simtrade\/wp-content\/uploads\/2022\/02\/img_SimTrade_Photo1_Louis_Detalle.jpg\" alt=\"Louis DETALLE\" width=\"133\" align=\"right\" \/><\/a><\/p>\n<p>In this article, <a href=\"https:\/\/www.linkedin.com\/in\/louis-detalle-586a6a1b5\/\" target=\"_blank\" rel=\"noopener\">Louis DETALLE<\/a> (ESSEC Business School, <i>Grande Ecole<\/i> Program &#8211; Master in Management, 2020-2023) explains how Bruno Iksil, a French trader working in London made inconsiderate trades in the name of the renown JP Morgan.<\/p>\n<h2>Bruno Iksil: background of a French trader based in London<\/h2>\n<p>Bruno Iksil, known as &#8220;The Whale&#8221;, is a French trader well known in London financial circles. A former student of Centrale Paris, this former Natixis employee built a reputation at JP Morgan for the size of the orders he placed. Bruno Iksil worked on the Credit Default Swaps (CDS) market, financial products that provide insurance against the non-repayment of loans.<\/p>\n<h2>Iksil&#8217;s activities at JP Morgan<\/h2>\n<p>Bruno Iksil&#8217;s reckless trading initially made JP Morgan Chase a lot of money, almost $100 million. His ability to succeed brilliantly in times of crisis and his boldness in business were praised and rewarded on numerous occasions by management, which made Iksil the highest paid trader in London. According to the Wall Street Journal, in recent years Bruno Iksil earned around $100 million a year at JPMorgan&#8217;s chief investment office (CIO).<\/p>\n<p>And his nickname, linked to the enormity of the commitments he was making, was regularly on the front page of all the newspapers, along with the new positions taken by &#8216;The Whale&#8217;.<\/p>\n<h2>JP Morgan&#8217;s losses<\/h2>\n<p>Bruno Iksil was suspected of being involved in a colossal loss by JP Morgan Chase. According to the latest estimates, the risky bets of the Frenchman and his colleagues cost JP Morgan Chase 5.8 billion dollars. This triggered a real storm in the life of the trader who, according to the British journalist The Guardian, left the company.<\/p>\n<p>Following the losses incurred by the American bank, Jamie Dimon &#8211; the Chief Executive Officer &#8211; had announced losses amounting to 2 billion dollars. In fact, nearly 4.4 billion dollars were lost as a result of the Whale&#8217;s operations.<\/p>\n<p>Following these announcements, the bank&#8217;s market capitalization plunged by 25 billion dollars as the stock dived by 9%.<\/p>\n<h2>Conclusion and aftermath of the affair<\/h2>\n<p>The whale affair brought to light accusations of negligence against the bank, particularly in its internal controls. The risky positions in credit derivatives that Bruno Iksil and many other banks regularly took contributed to the subprime crisis. As a result, JP Morgan was fined $1 billion by the British and American authorities, on behalf of its management that enable the Whale to invest so much on financial markets.<\/p>\n<h2>Related posts on the SimTrade blog<\/h2>\n<p>\u25b6 Louis DETALLE <a href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/ethics-finance\/\" target=\"_parent\" rel=\"noopener\">Ethics in Finance<\/a><\/p>\n<p>\u25b6 Louis DETALLE <a href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/biggest-corporate-frauds\/\" target=\"_parent\" rel=\"noopener\">The 3 biggest corporate frauds of the 21st century<\/a><\/p>\n<p>\u25b6 Louis DETALLE <a href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/quick-review-famous-trading-frauds-ever\/\" target=\"_parent\" rel=\"noopener\">Quick review on the most famous trading frauds ever\u2026<\/a><\/p>\n<h2>Useful resources<\/h2>\n<p>Philippe Bernard (13\/07\/2015) <a href=\"https:\/\/www.lemonde.fr\/economie\/article\/2015\/09\/08\/a-londres-bruno-michel-iksil-echappe-aux-poursuites_4681260_3234.html\" target=\"_blank\" rel=\"noopener\">A Londres, Bruno Michel Iksil \u00e9chappe aux poursuites<\/a> Le Monde.<\/p>\n<p><a href=\"https:\/\/www.jpmorganchase.com\/\" target=\"_blank\" rel=\"noopener\">JP Morgan<\/a><\/p>\n<h2>About the author<\/h2>\n<p>The article was written in March 2022 by <a href=\"https:\/\/www.linkedin.com\/in\/louis-detalle-586a6a1b5\/\" target=\"_blank\" rel=\"noopener\">Louis DETALLE<\/a> (ESSEC Business School, <i>Grande Ecole<\/i> Program &#8211; Master in Management, 2020-2023).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article, Louis DETALLE (ESSEC Business School, Grande Ecole Program &#8211; Master in Management, 2020-2023) explains how Bruno Iksil, a French trader working in London made inconsiderate trades in the name of the renown JP Morgan. Bruno Iksil: background of a French trader based in London Bruno Iksil, known as &#8220;The Whale&#8221;, is a &#8230; <a title=\"What happened between Bruno Iksil &#038; JP Morgan\" class=\"read-more\" href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/bruno-iksil-jp-morgan\/\" aria-label=\"Read more about What happened between Bruno Iksil &#038; JP Morgan\">Read more<\/a><\/p>\n","protected":false},"author":58,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,7],"tags":[103,327,340,505,547],"class_list":["post-7465","post","type-post","status-publish","format-standard","hentry","category-contributors","category-evenements","tag-bruno-iksil","tag-investment-banks","tag-jp-morgan","tag-risk","tag-speculation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What happened between Bruno Iksil &#038; JP Morgan - SimTrade blog<\/title>\n<meta name=\"description\" content=\"Analyzing the trading losses at JP Morgan caused by Bruno Iksil - Insights into risk management with Louis DETALLE | SimTrade Blog\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/bruno-iksil-jp-morgan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What happened between Bruno Iksil &#038; JP Morgan\" \/>\n<meta property=\"og:description\" content=\"Analyzing the trading losses at JP Morgan caused by Bruno Iksil - Insights into risk management with Louis DETALLE | SimTrade Blog\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.simtrade.fr\/blog_simtrade\/bruno-iksil-jp-morgan\/\" \/>\n<meta property=\"og:site_name\" content=\"SimTrade blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/fr-fr.facebook.com\/simtrade.fr\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-17T16:47:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-30T20:49:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.simtrade.fr\/blog_simtrade\/wp-content\/uploads\/2022\/02\/img_SimTrade_Photo1_Louis_Detalle.jpg\" \/>\n<meta name=\"author\" content=\"Louis DETALLE\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@simtrade\" \/>\n<meta name=\"twitter:site\" content=\"@simtrade\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Louis DETALLE\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.simtrade.fr\/blog_simtrade\/bruno-iksil-jp-morgan\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.simtrade.fr\/blog_simtrade\/bruno-iksil-jp-morgan\/\"},\"author\":{\"name\":\"Louis DETALLE\",\"@id\":\"https:\/\/www.simtrade.fr\/blog_simtrade\/#\/schema\/person\/4d68176196e72a5f89cc6cc72393be97\"},\"headline\":\"What happened between Bruno Iksil &#038; 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