JPMorgan Closing Up Shop
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.
