FREEFALL LIFESTYLE

Trades, in particular, by Paris-born London-based trader Bruno Michel Iksil were to blame. The mysterious banker, who has been nicknamed the London Whale and Lord Voldemort, has been registered with the Financial Services Authority since 2007. He commutes weekly from his Paris home and is still employed by JP Morgan, working from its London offices. Iksil offered insurance against companies defaulting, Credit Default Swaps, on an obscure index of 125 companies known as CDX IG 9. He earned his nickname through his bullish position, which triggered moves in the market, upsetting hedge funds who piled in against him. The companies on the IG 9 index were as varied as Campbell's Soup, Time Warner and Walt Disney. During his time at JP Morgan Iksil is reported to have generated $100m, and is usually known for his bearish stances, performing particularly well during downturns.