I started as a Prop Trader at a popular Wall Street powerhouse in the 1980's and it was an intresting to see it eliminated
. I knew the day would come as it always seemed contradictory to trade and fill orders at the same time, but as a good soldier I just followed orders and made money, but Propietary Trading as we know it ends today as the last stading Prop Trading desk starts to shut down as we head into year end.
All it said on Bloomberg was this......
*JPMORGAN SAID TO SHUT PROPRIETARY COMMODITIES-TRADING UNIT
*JPMORGAN SAID SHUT LONDON-BASED UNIT WITH ABOUT 20 PROP TRADERS
*JPMORGAN SAID SHUT LONDON-BASED UNIT WITH ABOUT 20 PROP TRADERS
*JPMORGAN SAID TO SHUT TRADING TO COMPLY WITH VOLKER RULE
*JPMORGAN SAID TO TELL TRADERS THEY MAY APPLY FOR NEW JPM JOBS
JPMorgan Chase & Co. is shutting down its proprietary trading desks and eliminating around 80 jobs to comply with new restrictions on investment banks, a source familiar with the situation said on Tuesday. The source spoke to The Associated Press on condition of anonymity because JPMorgan Chase isn't formally announcing the move.
The overhaul of U.S. financial regulations signed into law in July limits proprietary trading in which an investment bank trades on its own accounts for its own profit, rather than on behalf of clients.
The source says JPMorgan Chase is responding by phasing out proprietary desks that trade stocks, bonds and commodities. The desks are in several locations around the globe, including London and New York. Roughly 80 employees out of a total 29,000 staff in JPMorgan Chase's investment banking operations will lose their jobs.
The plans were reported earlier Tuesday by Bloomberg News.