(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