On the prop desk. Financial News reports that the firm has closed its global proprietary trading business "in its current form" and will fold the remains into the bank's five main operational divisions. Is Ken Griffin to blame? Probs not but the article does point out that the shuttering "comes eight months after JP Morgan's proprietary business was hit by the loss of several senior managers to Chicago-based alternative investment firm Citadel," so, one point to KG. In a memo sent out yesterday, JPM noted that it will redeploy the division's "star traders" within the firm, while the lesser shining lights will be redeployed to the unemployment line.
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Posted by guest , Nov 04, 2008 9:47AM
1
Posted by guest , Nov 04, 2008 9:49AM
another one bites the dust
Posted by guest , Nov 04, 2008 9:51AM
JPM Alt Vent?
Posted by guest , Nov 04, 2008 9:52AM
CNBC ARE LYING SCUM. DON'T BELIEVE THEM AND THEIR POLLS.
THE MSM ISN'T REPORTING THE TRUTH.
GO OUT AND CAST YOUR OWN VOTE. HAVE YOUR SAY. DON NOT LET THE MSM, PARTICULARLY ANY NBC STATION CONVINCE YOU THAT YOUR CANDIDATE CANNOT WIN. IT ISN'T TRUE. GO VOTE.
Posted by guest , Nov 04, 2008 9:55AM
wharton allcaps! dont sufocate in your own vomit!
Posted by Lowly Assistant , Nov 04, 2008 9:55AM
ARGH ARGH ARGH!
Relax! We can see the sweat dripping from your face!
Posted by guest , Nov 04, 2008 10:09AM
"Star traders"...? Uh. I don't think so. Check the scoreboard.
Posted by guest , Nov 04, 2008 10:19AM
JP Morgan closed their prop desk! Ahahaha, see that's what happens when you don't work for a baller hedge fund like Timmaay Capital! Too bad we are still printing money over here!
- Fake Tim Sykes
Posted by guest , Nov 04, 2008 10:25AM
yeah respect the Timmaay cause he only trades smallcap pennystocks and the credit crunch will push all of you into his domain...
Posted by guest , Nov 04, 2008 10:32AM
First!!!
-Dick Fuld
Posted by guest , Nov 04, 2008 10:33AM
remember: neocons aren't big "C" Conservatives. William Buckley is rolling over in his grave...
Posted by guest , Nov 04, 2008 10:43AM
This news is quite significant. JPM prop was no powerhouse but closign up shop like this doesn't bode well at all.
Posted by guest , Nov 04, 2008 10:43AM
This news is quite significant. JPM prop was no powerhouse but closign up shop like this doesn't bode well at all.
Posted by guest , Nov 04, 2008 10:45AM
Thank god this neocon movement is over*crosses fingers*
Posted by guest , Nov 04, 2008 11:04AM
ALL CAPS (from Wharton) is a good man, and I appreciate his intensity. Hes a possible write in candidate.
-General M. Bison
Posted by guest , Nov 04, 2008 11:11AM
All caps is wrong. The election has already been stolen by the media. Fuck it, I'm going deep.
Posted by guest , Nov 04, 2008 11:13AM
16 No, GWB and Sara Palin gave it away. Good riddance to both of them.
Posted by guest , Nov 04, 2008 11:13AM
They aren't closing their prop operation...the old global prop guys are getting the boot but a bunch of good traders are still active
Posted by guest , Nov 04, 2008 11:18AM
Bess you are improving your writing style. I expect a children's book from you soon :P
Posted by guest , Nov 04, 2008 1:07PM
Has anyone heard anything about Citadel being out of the energy trading business.
Posted by guest , Nov 04, 2008 1:59PM
"Star traders" at JPM? Now that's worth an: ROFLMAO!