Bank Prop Trading

Could someone provide some insight as to how the Bank's prop trading businesses function.
1) Do they allocate strategies to different traders and let them run 1-man "hedge-funds" essentially?
2) Do traders work in teams or in silos?
3)To what extent are prop traders positions micro managed within the context of firm-wide risk-management?
4) For OTC products, why are there both Flow and Prop desks when flow traders have discretion to make directional positions?

 

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