Achilles macris jp morgan biography
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The JP Morgan New York Vs. London Rivalry Was Real, And It Sounds Very Ugly
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The central figures in JP Morgan's $5.8 billion trading loss — Ina Drew, Bruno Iksil (The London Whale) and Iksil's boss, Achilles Macris — have been totally mum about the whole affair.
That has only served to fuel speculation about the rivalry between JP Morgan's London and New York Chief Investment Offices, and the strained relationship Drew had with her subordinates on the other side of the Atlantic.
Now it's time for facts. New York Times Magazine has a big piece on Drew's rise and fall at JP Morgan this week, and there are some really telling anecdotes in there. The story paints Drew as a talented, risk averse, trust-worthy executive who was challenged by subordinates with quantitative backgrounds — like Macri.
And, in short, that challenge got ugly, even after beautifully navigated the CIO through the 2008 financial crisis.
From the New York Times:
“New York hated London,” says one former trader who worked in New York. “Th
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London Whale boss fined £800,000
The former boss of the trader known as the London Whale, who ran up $6.2bn (£4.1bn) in losses at JP Morgan Chase, has been fined nearly £800,000 by the Financial Conduct Authority (FCA).
The FCA fined Achilles Macris for failing to be "open and co-operative".
Mr Macris was the head of JP Morgan's chief investment office in London and the boss of Bruno Iksil.
Mr Iksil became known as the London Whale because of huge bets he made on the financial markets.
Mr Macris was the main contact with the FCA's predecessor, the Financial Services Authority. According to the financial watchdog, he failed to raise concerns about a so-called synthetic credit portfolio in his division that began to suffer significant losses in early 2012.
On 28 March 2012, Mr Macris attended a meeting with the authority in which he disclosed a $200m loss, but provided reassurance about the portfolio.
In a subsequent phone call, the FCA said Mr Macris was aware losses had increased, but failed to provide the information.
"Instead, Mr Macris allowed an inaccurate impression to be given that there had been no material changes since the supervision meeting and that there were not wider causes for concern with the synthetic credit portfolio,&q