JP Morgan slashes commodity desks
Fate of other prop desks unclear ahead of enactment of Volcker Rule
JP Morgan Chase has slashed up to 50 staff from its global commodities division and is closing down its commodity prop trading desk, sources say.
"There were cuts made yesterday across the commodities platform, of between 40 to 50 people globally," says one industry insider.
The cuts were made as a result of the $1.6 billion acquisition of RBS Sempra's commodities, global oil, metals and coal, and European power and gas businesses in July.
The bank has also decided to close its London-based
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