Bruno Iksil, the former trader known as the "London whale", is unlikely to face charges related to bets that backfired into losses of more than $6 billion for JP Morgan, according to people close to the matter.

The French citizen, who worked in the London outpost of JP Morgan's chief investment office, made many of the giant wagers in corporate credit investments that piled up losses starting in early 2012, led to the exit of a top JP Morgan executive and tarnished the company's reputation as one of Wall Street's savviest risk managers.