J.P. Morgan To Shut Prop Trading Desks (JPM)

J.P. Morgan

announced on Bloomberg TV that it was going to shut its prop trading desk due to the new financial regulatory rules. A report from

There were rumors a few weeks ago that Goldman Sachs

was shutting its prop trading desk, but those rumors proved to be unfounded. Citigroup

and Bank of America

have started this practice, of moving away from "prop-trading". The banks have since moved their prop traders to client-based desks, where their functions are the same, but their titles are different.