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Wednesday's Headlines: Volcker Strikes! JPMorgan Plans to End Prioprietary Trading

JPMorgan's getting out of proprietary trading to comply with new curbs on investments banks. Those on the commodities desk have reportedly been told they'll be out of work - less than 20 traders are affected there, and only one of those is in New York, the rest are in London. The bank is also reportedly considering close the fixed-income and equities desk, where another 50 to 75 employees work. [Bloomberg]

Finra arbitrators have ordered a securities analyst who claims he was wrongfully fired by Rodman & Renshaw in 2006 for attempting to lower a stock rating to pay the broker-dealer $10.7 million in damages. The firm claims congressional testimony by the analyst, Matthew N. Murray, damaged its reputation. Murray plans an appeal. [Investment News]

Citigroup plans to almost triple its workforce in China by hiring up to 7,500 people in the next three years. Citigroup, which has 4,500 employees in China, will hire more in that country than in any other Asia-Pacific market, according to a Bloomberg interview with Stephen Bird, Citigroup's co-chief executive officer for the region. [Reuters]

Senior staff members of the commission appointed by Congress to examine the causes of the financial crisis are quitting. Five of the commission's 14 senior employees have resigned, including Matt Cooper, a journalist who was drafting the report. [NY Times]

While many large-cap banks remain under a cloud of suspicion after massive government bailouts, smaller regional and community banks are faring far better, and increasingly, Wall Street is giving them favorable attention. Shares of some pint-sized banks are outperforming their larger rivals. [Daily Finance]

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AUTHORMark Feffer1 Insider Comment

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