JPMorgan To Close Its Prop. Desks

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.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of