End of an era as Cazenove teams up with JP Morgan

0 Comments | AFP, November, 2004

LONDON (AFP) — Cazenove, the 181-year-old London stockbroker, said it had agreed to partner with Wall Street giant JP Morgan, heralding an end to the independence of one of the most venerable names in British banking.

The two banks will combine their investment banking operations in Britain into a joint venture to be called JP Morgan Cazenove.

Cazenove is one of Britain's last remaining independent investment banks and broker to Britain's Queen Elizabeth II.

The deal tightens the grip of the American financial giants on the London banking sector, which has seen many once-mighty names fall into the hands of overseas buyers.

JP Morgan will pay Cazenove 110 million pounds (143 million euros, 184 million dollars) as part of the deal and both banks will...