• 04 Nov 2008 at 9:46 AM

JPMorgan Closing Up Shop

By

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.

    Sign up for the Dealbreaker newsletter

    Subscribe to our free daily email and get breaking news, financial headlines, commentary, and analysis from Dealbreaker.

    — Advertisement —

    Comments (21)

    1. 1
      Posted by guest | November 4, 2008 at 9:47 AM

      1

    2. 2
      Posted by guest | November 4, 2008 at 9:49 AM

      another one bites the dust

    3. 3
      Posted by guest | November 4, 2008 at 9:51 AM

      JPM Alt Vent?

    4. 4
      Posted by guest | November 4, 2008 at 9:52 AM

      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.

    5. 5
      Posted by guest | November 4, 2008 at 9:55 AM

      wharton allcaps! dont sufocate in your own vomit!

    6. 6
      Posted by Lowly Assistant | November 4, 2008 at 9:55 AM

      ARGH ARGH ARGH!
      Relax! We can see the sweat dripping from your face!

    7. 7
      Posted by guest | November 4, 2008 at 10:09 AM

      “Star traders”…? Uh. I don’t think so. Check the scoreboard.

    8. 8
      Posted by guest | November 4, 2008 at 10:19 AM

      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

    9. 9
      Posted by guest | November 4, 2008 at 10:25 AM

      yeah respect the Timmaay cause he only trades smallcap pennystocks and the credit crunch will push all of you into his domain…

    10. 10
      Posted by guest | November 4, 2008 at 10:32 AM

      First!!!
      -Dick Fuld

    11. 11
      Posted by guest | November 4, 2008 at 10:33 AM

      remember: neocons aren’t big “C” Conservatives. William Buckley is rolling over in his grave…

    12. 12
      Posted by guest | November 4, 2008 at 10:43 AM

      This news is quite significant. JPM prop was no powerhouse but closign up shop like this doesn’t bode well at all.

    13. 13
      Posted by guest | November 4, 2008 at 10:43 AM

      This news is quite significant. JPM prop was no powerhouse but closign up shop like this doesn’t bode well at all.

    14. 14
      Posted by guest | November 4, 2008 at 10:45 AM

      Thank god this neocon movement is over*crosses fingers*

    15. 15
      Posted by guest | November 4, 2008 at 11:04 AM

      ALL CAPS (from Wharton) is a good man, and I appreciate his intensity. Hes a possible write in candidate.
      -General M. Bison

    16. 16
      Posted by guest | November 4, 2008 at 11:11 AM

      All caps is wrong. The election has already been stolen by the media. Fuck it, I’m going deep.

    17. 17
      Posted by guest | November 4, 2008 at 11:13 AM

      16 No, GWB and Sara Palin gave it away. Good riddance to both of them.

    18. 18
      Posted by guest | November 4, 2008 at 11:13 AM

      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

    19. 19
      Posted by guest | November 4, 2008 at 11:18 AM

      Bess you are improving your writing style. I expect a children’s book from you soon :P

    20. 20
      Posted by guest | November 4, 2008 at 1:07 PM

      Has anyone heard anything about Citadel being out of the energy trading business.

    21. 21
      Posted by guest | November 4, 2008 at 1:59 PM

      “Star traders” at JPM? Now that’s worth an: ROFLMAO!

    Leave a comment

    You can log in with your account or comment as a guest below.

       or