Tuesday, 23 August 2016
Last updated 50 min ago
Sep 1 2010 | 11:06am ET
JPMorgan Chase will shutter its proprietary-trading desk and has notified those desks’ employees that their jobs are being cut.
JPMorgan is the latest U.S. bank to decide the fate of its prop. trading operations; others, including Morgan Stanley and Goldman Sachs, are continuing to mull the future of those businesses. Under the recently-passed Volcker rule, banks are barred from trading their own capital.
JPMorgan’s proprietary trading desks are among the smallest on Wall Street. Its largest, a London-based commodity desk, employs only 20 people.