JPMorgan Chase & Co. will shut down its global proprietary trading desk and shed some of the unit's employees as the company braces for a recession, a person familiar with the matter said.

Other members of the roughly 75-member group, led by William Johnson in New York, will move to desks that trade for the banking company's own account in equities, fixed-income, foreign exchange, commodities, and emerging markets, according to the person, who declined to be identified because the plan is confidential. JPMorgan Chase spokeswoman Kristin Lemkau declined to comment.

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