Energy trading jobs facing axe at JPMorgan

JPMorgan is cutting jobs on its London energy trading desk to eliminate duplication following the takeover of Sempra Commodities' European energy business.

The bank is one of the biggest players in the commodities and energy markets, after taking over Bear Energy in 2008 and Sempra this year.

Separately, MF Global's oil swaps desk has lost eight of its nine brokers, with the final one expected to leave soon.

Their resignations came after the futures broker closed its equivalent department in Singapore as part of a plan by new chief executive Jon Corzine's to slash staff levels following losses.

Corzine said MF's performance had been "completely unacceptable".