Weekend Argus (Saturday Edition) - - BUSINESS -

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.

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