JPMorgan: There Are Only A Handful Of People In The World Who Know How To Run A Prop Biz And They All Work At Citadel

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As you know, JPMorgan announced in a memo yesterday that it is shutting down its global proprietary trading operations and folding the remains into the bank's five main operational divisions. Seeking to debunk the suggestion by "an article in the public press" that the move was at the behest of the government, Landenburg analyst Dick Bove put out a note this afternoon with a clarification from JPMorgan. The real story, according to Bove, who spoke with JPM, is that "apparently Citadel has pirated so many employees out of this division that it made sense to close and pass along its functions to other trading operations within the company."
Bove On JPM [PDF]

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