JPMorgan Might Close Down Prop Desks, Eventually, Maybe


JPMorgan has reportedly informed a group of commodities traders that their services will no longer be required. Eventually, maybe. A source "briefed on the matter" tells Bloomberg:

The bank eventually will end all proprietary trading to comply with new curbs on investment banks, said the person, who asked not to be identified because JPMorgan’s decision isn’t public. The New York-based bank will shut proprietary trading in fixed-income and equities later, the person said.

The company didn't comment, most likely because the decision is probably contingent on a number of variables such as whether the Volcker rule will ever actually be implemented, if Washington and Wall Street will ever be able to put their heads together and agree on what constitutes proprietary trading, etc. So you know, this could happen, but it might not. One thing that is for sure is that we're all going to die someday, but in the meantime it's nice to feel like some progress is being made.

JPMorgan Said to End Proprietary Trading to Meet Volcker Rule [Bloomberg]