The success of the five year partnership between Cazenove and JP Morgan has set the stage for a long term deal between the two. A merger is being entered into by the two wherein the business center of Cazenove will be merged with JP Morgan’s European businesses.
Cazenove has been in the stock broking business in UK for about 186 years now and also has the honor of being the Queen’s stock broker. The firm clientele also includes other prominent members like David Beckham. Cazenove has a historical reputation for protecting its employees through changes. In fact its livery doorman was also retained through its relocations.
Cazenove moved to LondonCity offices at 20 Moorgate, in 2003 from their old premises at Tokenhouse Yard near the Bank of England. With the merger with JP Morgan materializing now, the stock broking firm will be shifting offices to about 312,000 sq ft of desk space at 10 Aldermanbury where JP Morgan intends to relocate to. The merger is being hastened now after the five year joint venture partnership proved that combining the might of the two companies would be successful in the long run.
The last segment of the 186 year old UK based stock broking firm has now been purchased by JP Morgan for a price of £1b. Following this the business centre of the UK based Cazenove will be merged into JP Morgan’s European office business. The equities division will henceforth be called renamed JP Morgan Cazenove. The new division is expected to be headed by Alan Carruthers. However there are fears that the drastic change of work ethos will be a bitter pill to swallow for many of the old school employees of Cazenove. The relocation comes as rumors are making the rounds thatJP Morgan is restricting its exposure to office spaces in UK including scrapping the construction of its headquarters here.
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