BUSINESS

Javier Martin-Artajo, Former JPMorgan Exec, Says He Expects To Be Cleared In 'Whale' Probe

08/13/2013 02:43 pm ET
AP

(Reuters) - Javier Martin-Artajo, a former JPMorgan Chase & Co executive, said on Tuesday he expects to be cleared of wrongdoing in investigations of the company's so-called "London Whale" derivatives losses.

The comments came in a statement distributed by his lawyers at the firm Norton Rose Fulbright, and followed reports that Martin-Artajo could face arrest in London on U.S. charges. The losses are also being probed by U.K. authorities.

He will return to London on schedule after a long-planned vacation, he said in the statement.

He said he has "fully cooperated" with U.K. authorities, who did not ask him to change his holiday plans.

Martin-Artajo had supervised Bruno Iksil, the JPMorgan trader known as the London Whale for his outsized trades in the company's chief investment office. Iksil is cooperating with government investigators and is not expected to face charges, Reuters has reported.

The trades cost the company more than $6.2 billion.

(Reporting by David Henry in New York; Editing by Jeffrey Benkoe)

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