J.P. Morgan (NYSE:

) 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 (NYSE:

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

) and Bank of America (NYSE:

) 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.