Sunday, 21 September 2014
Last updated 2 days ago
Nov 5 2008 | 3:09am ET
JPMorgan Chase has closed its global proprietary trading desk, a division wracked by departures to Citadel Investment Group. The desk took center stage in September after JPMorgan cut off counterparty trading for a day, accusing the hedge fund of poaching its employees.
The bank announced the closure last week, redistributing the desk’s 75 employees to other parts of the bank. JPMorgan vigorously denied that the move had anything to do with the departure of employees to Citadel, a notion disputed by banking analyst Dick Bove.
“The reason is that apparently Citadel has pirated so many employees out of this division that it made sense to close it and pass along its functions to other trading operations within the company,” he wrote in a note to investors.
Some of the desk’s employees are likely to be laid off, with others transferred to commodities, fixed-income, equities, foreign exchange and emerging markets duties.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.