The News: More Exits From Prop Trading

eFC logo

Deutsche Bank is the latest in a string of top-tier institutions to publicly distance itself from proprietary trading. CEO Josef Ackermann says the bank has exited proprietary credit trading entirely and withdrawn from 90 percent of its prop trading in equity and equity derivatives, according to Reuters.

Meanwhile, The Wall Street Journal reports that prop trader Matthew Carpenter is jumping to a hedge fund (which wasn't named) after 15 years at Citigroup. The desk he ran took both long and short positions on U.S. equities. "The strategy is viewed as one of the most likely to be affected if President Obama's recent proposal on restricting proprietary trading at banks becomes law," the WSJ says. The story says Carpetner's colleague Matthew Newton is leaving Citi too.

Deutsche Bank Cuts Prop Trading, Cautious About 2010 [Reuters]

Senior Trader Leaving Citigroup [WSJ]

UBS to Reorganize Struggling U.S. Wealth Management [NY Times]

Atlantic Trust adds advisers, aims to double assets by 2015 [Investment News]

JPMorgan's Dimon Gets About $17 Million in Stock Awards for 2009 [Bloomberg News]

Goldman Sachs vs. JPMorgan: Who Will Win the Bonus Round? [New York Magazine]

Senators Propose 50% Bonus Tax on Banks That Got Bailout Funds [Bloomberg News]

Where Are the Women on Wall Street? [NY Times]

Close
Loading...
Loading...