As has been widely reported JPMorgan is following the elimination of its some of its commodities salespeople and traders with the obliteration of its commodities prop business and likely closure of equities and fixed income prop trading business.

The Financial Times reports that JPMorgan has 20 commodities prop traders, 19 of whom are in London and one of whom is in New York.

Now, this does not seem a large number of prop traders. Nor does it appear very fairly divided between New York and London. Can it be concluded that London stands to suffer disproportionately from the disappearance of banks’ prop trading businesses?

JPMorgan’s seeming dearth of prop traders may have something to do with the fact that most banks shifted prop professionals into client-related activities long ago. It may also have something to do with the fact that JPMorgan actually closed its prop trading business in November 2008.

On this basis, some people allege that yesterday’s announcement was purely political, with a view to being seen on the right side of the Volcker Rule. One insider says low volumes were the true reason for culling the few remaining prop people.

What about the fact all JPM’s prop traders are in London? “The time zone means prop people in London can work shifts covering the US and Asian markets,” points out one trading recruiter. Banks’ eagerness to adhere to the Volcker rule could be felt most keenly this side of the Atlantic.