JPMorgan Chase is to take much smaller bets with its own capital and eliminate its standalone proprietary trading desk in a sign of banks’ retreat from the in-house hedge funds that had mushroomed before the banking crisis.
People close to the situation said the decision to fold the 80-strong global proprietary trading unit into JPMorgan’s other trading operations could result in job losses and herald another round of redundancies at its investment bank.
JPMorgan, which has acquired the investment bank Bear Stearns and the regional lender Washington Mutual, has already announced 4,100 job cuts, according to Bloomberg data.
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