What did the London whale do?
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What did the London whale do?
Bruno Iksil achieved Wall Street notoriety with one of the worst trades in history. He lost $6.2 billion — more than three times the yearly budget of the Securities and Exchange Commission — placing risky bets on complex financial instruments while working for JPMorgan Chase.
When was London Whale incident?
2012
In April of 2012 the press began running stories about the identity of the “London Whale”. The massively large trades in credit default swaps (the same complex financial instruments that doomed A.I.G during the 2008 financial crisis) began to affect credit markets worldwide.
Why did London Whale happen?
A series of derivative transactions involving credit default swaps (CDS) were entered, reportedly as part of the bank’s “hedging” strategy. Trader Bruno Iksil, nicknamed the London Whale, accumulated outsized CDS positions in the market. An estimated trading loss of $2 billion was announced.
What is Jamie Dimon’s net worth?
1.5 billion USD (2022)Jamie Dimon / Net worth
Dimon’s net worth is estimated at $1.8 billion. New York City, U.S. Dimon is one of the few bank chief executives to become a billionaire, largely because of his US$485 million stake in JPMorgan Chase.
What is a whale in trading?
A cryptocurrency whale, more commonly called a “crypto whale” or just a “whale,” is a cryptocurrency community term that refers to individuals or entities that hold large amounts of cryptocurrency. Whales hold enough cryptocurrency that they have the potential to manipulate currency valuations.
Where is the London Whale now?
Bruno Iksil, the former City trader known as the “London Whale”, has spent the past five years at home with his family in France, about 50 miles south of Paris. He runs, cycles or swims each day. He plays card games with his kids and helps with their homework.
Did the London Whale go to jail?
While Iksil did not face criminal charges or prison for what took place in London, he wound up with an existential life sentence of being falsely branded as the man who singlehandedly drained $6.2 billion from JPMorgan. And that clearly falls into the category of cruel and unusual punishment.
Why do I want to work for J.P. Morgan?
J.P. Morgan prides itself on a unique approach to corporate responsibility. It works to create lasting impact in our communities and give everyone a chance to move up the economic ladder. J.P. Morgan has its own in-house forum for recent university graduates and early career professionals.
What makes an investor a whale?
A whale is any individual or company who has enough money and power to directly influence the price of a cryptocurrency or stock, usually in a negative way. Think of a whale and their large mass. They can make huge splashes and the same concept can be applied to crypto/financial markets.
What does whale stand for?
Definition. WHALE. We Have A Little Emergency. Copyright 1988-2018 AcronymFinder.com, All rights reserved.
Was Bruno Iksil fired?
Iksil was fired, along with Macris and Martin-Artajo. Drew retired. But the damage was done: In June, the bank disclosed SCP losses of $4.4 billion, a figure that swelled to $6.2 billion by the end of 2012.
What are J.P. Morgan’s core values?
In a fast-moving and increasingly complex global economy, our success depends on how faithfully we adhere to our core principles: delivering exceptional client service; acting with integrity and responsibility; and supporting the growth of our employees.
What does a whale mean in finance?
A whale is a big holder of crypto, and usually have a substantial amount of capital. Basically, they’re rich. This is a term borrowed from casino gamblers. For Bitcoin, anyone with more than 1,000 BTC is generally considered a whale.
How much do you need to be considered a whale?
5th Planet Games, a developer of social games for both casual and hardcore audiences, starts classifying its players as whales when they spend $100 or more a month.
What makes you a whale?
Whales—a.k.a. players who spend a great deal on in-app purchases—bring in the majority of revenue for the free-to-play (F2P) mobile game market, despite there being fewer of them to support a game.
What does whale mean in business?
A whale is a sales prospect so big that it could make a major difference to your company’s business. A whale is much larger than your usual target, and the revenue it could bring in is much larger, too.
