U.K. Fines Ex-J.P. Morgan Executive Over 'London Whale' Trades

LONDON—The U.K.'s Financial Conduct Authority on Tuesday said it had fined a former J.P. Morgan Chase & Co executive £ 792,900 ($1.14 million) for "failing to be open and cooperative" with the regulator at the time of the so-called London whale trades.

The FCA said Achilles Macris, the former head of CIO International for JP Morgan Chase Bank, N.A., in London, failed to give it accurate information about the worsening situation of a credit portfolio he was responsible for in 2012.

The FCA said the portfolio in question, the Synthetic Credit Portfolio, began to suffer significant losses from early 2012 and that Mr. Macris took action to try to resolve the issue. However, the regulator said he didn't provide it with information about the full extent of the difficulties.

The "London whale" was the nickname given to the J.P. Morgan trader who amassed a large derivatives position that left the bank nursing more than a $6 billion trading loss.

The FCA said Mr. Macris would have been fined £ 1.1 million had he not qualified for a discount for settling early.

Write to Rory Gallivan at [e-mail]

(END) Dow Jones Newswires

February 09, 2016 07:05 ET (12:05 GMT)

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