More layoffs, this time at JP Morgan. According to Bloomberg sources, a global proprietary trading desk is being shut down, with some of the employees being laid off (no specific number mentioned), and some being absorbed into other areas.
Other members of the group of about 75 people, led by William Johnson
in New York, will move to separate desks within the investment-banking
division that trade for the firm's account in equities, fixed income,
foreign exchange, commodities and emerging markets, according to the
person, who declined to be identified because the plan is confidential.
JPMorgan spokeswoman Kristin Lemkau declined to comment.
Jamie Dimon, JPMorgan's chief executive officer, told employees in Hong Kong yesterday that the company faces ``highly challenging conditions'' in 2009. JPMorgan is one of the nine U.S. firms that received $125 billion from the U.S. Treasury last month as part of a plan to rescue the financial services industry from a credit crisis that has saddled banks and brokerages worldwide with more than $690 billion of writedowns and losses.
Jamie Dimon, JPMorgan's chief executive officer, told employees in Hong Kong yesterday that the company faces ``highly challenging conditions'' in 2009. JPMorgan is one of the nine U.S. firms that received $125 billion from the U.S. Treasury last month as part of a plan to rescue the financial services industry from a credit crisis that has saddled banks and brokerages worldwide with more than $690 billion of writedowns and losses.
JPMorgan Said to Shut Proprietary Desk, Shed Traders - Bloomberg
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