JPMorgan's London prop desk doomed

Banking titan JPMorgan Chase is shuttering a so-called proprietary trading desk in London, a little over a month after President Obama inked a sweeping regulatory reform act to help toughen some of the rules that govern Wall Street firms.

JPMorgan is winding down a commodities-focused trading platform comprised of fewer than 20 traders in order to comply with the new bank regulations, said one source familiar with the bank's plans.