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J.P. Morgan
JPM announced on Bloomberg TV that it was going to shut its prop trading desk due to the new financial regulatory rules.
A report from
Yahoo confirms this news.
There were rumors a few weeks ago that Goldman Sachs
GS was shutting its prop trading desk, but those rumors proved to be unfounded.
Citigroup
C and Bank of America
BAC 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.
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