Spaniard in court for R63bn bank loss
MADRID: A Spanish court postponed a hearing of an exJPMorgan Chase employee at the heart of the bank’s “London Whale” trading scandal, delaying proceedings over a US extradition request.
Spaniard Javier MartinArtajo, indicted by a US grand jury in September in relation to a $6.2 billion (R63.5bn) trading loss at JPMorgan, had been due to make a declaration on whether he would agree to extradition.
His lawyers could not attend the hearing at Spain’s High Court and had requested it be postponed to November 15.
Last year’s trading losses knocked the reputation of America’s biggest bank and has so far cost JPMorgan $920 million in penalties.