RBS and JP Morgan scale back prop trading
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Andy Baxter, John Webb and John Banerjee have all left, the desk confirmed, while Mike Asplin was understood to still be at the bank at the end of last week. The bank declined to comment, beyond confirming that the desk had closed.
Flat markets
The move comes as prop traders have suffered from flat currency markets in 2006. Lack of revenue from these desks has forced banks to focus on costs, according to Justyn Trenner, chief executive of research consultancy Client Knowledge. He said: "Most
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