wwbilozv

JPMorgan winds down prop trading to meet Volcker rule

first_img Tags: NULL Share whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com KCS-content Wednesday 1 September 2010 8:46 pm JPMorgan winds down prop trading to meet Volcker rule Show Comments ▼ WALL STREET titan JPMorgan Chase has told 20 London-based traders their jobs are at risk after deciding to wind down its global commodities proprietary trading business.JPMorgan is the latest investment bank to act on US President Barack Obama’s so-called “Volcker rule”, which requires institutions to hold no more than three per cent of their core capital in hedge funds or private equity. Goldman Sachs has already begun reviewing options for spinning off its prop trading unit.Around 75 JPMorgan employees worldwide could be affected as it closes off prop trading activities in other areas. Although the bank is ostensibly acting to comply with Obama’s financial crackdown, rivals pointed out JPMorgan suffered multi-million dollar losses betting on the direction of coal prices earlier this year. Blythe Masters, the head of JPMorgan’s global commodities group said the closing of the London desk would not hinder the firm going after “long-term” growth in regions like Asia. Bank of America and Citigroup are also thought to be planning to exit prop trading. Morgan Stanley largely closed down its own-book trading operations two years ago. whatsapplast_img

Leave a Reply

Your email address will not be published. Required fields are marked *