JPMorgan Closing Prop Desks

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Bloomberg reports the firm "told traders who bet on commodities for the firm's account that their unit will be closed as the company begins to shut down all its proprietary trading" and will "eventually end all proprietary trading to comply with new curbs on investment banks." In July JPM axed about 40 prop traders and earlier this month, Blythe Masters told the commodities unit to calm the fuck down, assuring them that "no one’s going to get screwed. We’re not going to do crazy things on compensation at the end of the year.”

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