While Bruno Iksil, the “London Whale trader” behind the $4.4bn trading loss at JP Morgan, is contemplating life outside the bank today, the outsized bet on a credit portfolio continues to cast a long shadow at its Chief Investment Office.

Jamie Dimon, chairman and chief executive of US bank, said in a statement that the "CIO will no longer trade a synthetic credit portfolio" and will instead "focus on its core mandate of conservatively investing excess deposits to earn a fair return".