JP Morgan Chase has slashed up to 50 staff from its global commodities division and is closing down its commodity prop trading desk, sources say.
"There were cuts made yesterday across the commodities platform, of between 40 to 50 people globally," says one industry insider.
The cuts were made as a result of the $1.6 billion acquisition of RBS Sempra's commodities, global oil, metals and coal, and European power and gas businesses in July.
The bank has also decided to close its London-based comm
- Turkish central bank carries out emergency rate hike as currency falls
- Podcast: San Fran Fed’s Daly on gender inequality in central banks
- US House passes deregulation bill with bipartisan support
- Philippines central bank launches reorganisation
- Swift starts work on pan-European real-time payment connectivity pilot