The Financial Conduct Authority(FCA) has fined Achilles Macris, former head of CIO International for JPMorgan Chase Bank, £792,900 for failure to co-operate at the time of the so-called ‘London Whale' trades.
Macris was responsible for a number of portfolios at the company, including the Synthetic Credit Portfolio, at a time when it experienced trading losses of around $2bn following a series of derivative transactions involving credit default swaps. According to the FCA, Macris was the main contact with the regulator at the time in relation to CIO International, where he failed to reveal concerns with the portfolio in an "open and co-operative" way. Ten times the regulator cracked down on investment firms Mark Steward, director of enforcement and market oversight at the FCA, said: "A f...
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