JPMorgan will move prop-trading unit to asset-management division

09/28/2010 | NYTimes.com

To comply with the "Volcker rule," which prevents commercial banks from trading for their own account, JPMorgan Chase will shift its proprietary-trading unit out of its investment bank and into its asset-management unit. The bank is launching an alternative investment management group for traders, to be headed by Mike Stewart, co-head of JPMorgan's global emerging-market business.

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