August 31, 2010 / 8:35 PM / 9 years ago

UPDATE 1-JPMorgan Chase shuts down prop trading--Bloomberg

NEW YORK, Aug 31 (Reuters) - JPMorgan Chase and Co (JPM.N) is shutting down its proprietary trading desks as new U.S. laws limit the ability of banks to trade their own money, Bloomberg reported on Tuesday.

JPMorgan told commodities traders that bet for the bank’s account that their desk was going to be shut down, the news wire reported, citing a person briefed on the matter.

Proprietary trading in fixed-income and equities will be shut down later, Bloomberg reported, citing the person.

The commodities proprietary trading desk has fewer than 20 traders, with one based in the United States and the rest in the United Kingdom, the report said.

A spokeswoman for JPMorgan in New York was not immediately available to comment. (Reporting by Dan Wilchins; editing by Bernard Orr and Andre Grenon)

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