Charges were filed against Spaniard Javier Martin-Artajo, who was in charge of the bank's London office at the time massive bets in corporate credit investments were made by a trader known as "the London whale," The Wall Street Journal reported Wednesday.
The London whale is former trader Bruno Iksil. To date, he has not been charged with a crime. Sources say he will not be charged and that he is cooperating with authorities, the Journal said.
The other man charged is a Frenchman, Julien Grout, whose job included recording the values of the bets and disseminating that information to others.
Martin-Artajo and Grout were charged with wire fraud and making false filings with the Securities and Exchange Commission.
They were also tagged with conspiracy charges involving falsifying bank records, wire fraud and filing false reports.
The bank declined comment on the case, the Journal said.