JPMorgan to cut 75 trading positions

NEW YORK: JPMorgan Chase & Co is closing down a 75-person group that traded the bank's own money in everything from stocks to commodities, a person familiar with the move said on Tuesday.

The stand-alone proprietary trading desk had worked separately from traders doing similar work within various business lines. While most of the traders from the group will be laid off, some will be shifted into similar positions within the bank, said the person who asked to remain anonymous because he was not authorized to speak publicly.

The move was designed to eliminate duplication and help cut costs. JPMorgan, the nation's largest bank with about 228,000 total employees, and rivals have been paring staff after suffering major write-downs from the financial crisis.

The investment bank, which bought Washington Mutual Inc. and Bear Stearns Cos., is considered one of the stronger players in the current financial meltdown. It surpassed Wall Street expectations during the third quarter despite an 84 percent drop in profit after it took big hits from souring mortgage investments, leveraged loans and home loans.

Shares of JPMorgan rose $1.41, or 3.5 percent, to close at $42.14.