JP Morgan is understood to have disbanded a team of up to 400 people working in a former Bear Stearns division that was a training ground for fixed income and trading and viewed as a leading unit for advisory and technical work related to complex credit.

The US bank, which today reported record investment banking revenues for the first quarter, said in an internal announcement on Wednesday that the Financial Analytics and Structured Transactions, or Fast, team which offered analysis and intelligence on complex credit transactions, has now been reallocated to other existing teams within the bank.