LONDON — Bruno Iksil, the trader dubbed “The London Whale” for his massive trading losses, says he would welcome a lawsuit so he can finally clear his name.
Iksil was at the centre of the $US6.2 billion (£4.3 billion) JPMorgan trading loss in 2012 when massive derivatives bets he made went sour. It cost the bank more than $US1 billion in penalties. Iksil’s actions were legal.
He said in an interview with Financial News that while the US Federal Reserve is still considering an enforcement action against him, it would be an opportunity for him to tell his side of the story. So far, no enforcement action has been brought against Iksil.
“I was public enemy No. 1. Everyone, every single authority, everyone, I think, reading the press articles, wanted to behead me or destroy me or smash me,” said Iksil. “I have to retrieve my reputation, my intellectual property and, simply, my life. So far, all of this has been stolen.”
Iksil has not worked since his dismissal from JPMorgan, which followed the huge trading loss. He said in the interview that he is so determined to get his side of the story out that he is writing a book about what happened at the investment bank although he does not yet have a publishing contract.
“I have to fight. I have no choice… I have to make people be aware of what really happened,” he said. “I’ve been waiting now for [almost five] years. I think it’s time to say the things. The truth has to be told.”
Iksil says “a lot of people” have told him to move on, but he says it’s “impossible.”