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JP Morgan to buy Cazenove

JP Morgan is expected to unveil its plan to acquire Cazenove, ending the independent status of the investment firm.

According to the Financial Times, JPM is to pay around 535p per share for Cazenove.

JPM head of corporate finance Charles Harman is likely to become head of UK investment banking under the deal, while head of equities Alan Carruthers will become  JPM head of European equities. David Mayhew will remain Cazenove chairman.

JPM finance director Michael Power is expected to pocket £10m as part of the deal, and Carruthers £5m.

The news comes five years after JPM and Cazenove joined forces on a different venture.

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