JPMorgan is following in the footsteps of UBS, Calyon and Deutsche Bank and curtailing its proprietary trading activities. Financial News reports that the US bank is shutting its global prop business altogether and redistributing trading staff elsewhere in the company. It attributes the move to pressure from the US government, which is encouraging banks to cut back on risky activities after acquiring stakes in leading firms. Recruiters apparently say that JPMorgan's traders will be 'attractive' to rivals and are liable to be poached. Some jobs will go - mostly in the back office.
UBS to cut 1,900 people between Q3 and Q4. (UBS)
It's ok - there are risk jobs in energy companies (Bloomberg).
Italian brokerage is HIRING (Bloomberg).
UBS warns of Q4 loss (FT).
Another 206m hit for RBS (FT).
Wall St banks won't be using bailout for bonuses (Thedeal).
The truth about those broker retention bonuses at BofA (Portfolio).
Goldman partners getting hosed (Clusterstock).
"We have 170,000 staff many of whom have done an outstanding job for us and need to be incentivised." (Independent)
Dimon: There may be a "strong recovery" in 2010
Sick bankers insist on working (Reuters).
Hiring freeze at the Vatican (Clusterstock).