Tuesday, August 31, 2010

JPM Shutting Down Prop Desk Operation (JPM)

By Sell Puts 8/31/2010 03:34:00 PM


(Orignally post @economicburn.com)
This is huge news. More info as it comes in. Looks like the effects of Dodd-Frank on big bank prop desks is being felt worldwide.

Here's what flashed on Bloomberg terminals, courtesy of Zerohedge:

BN  11:55 *JPMORGAN SAID TO PLAN TO SHUT ALL REMAINING PROP TRADING DESKS
BN  11:55 *JPMORGAN SAID TO SHUT PROPRIETARY COMMODITIES-TRADING UNIT

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