The UK investment banking joint venture formed almost three years ago between JP Morgan and Cazenove was designed to combine the former’s M&A expertise with the latter’s top-notch corporate franchise. Cazenove initially lost some clients, but the defections were a trickle. The venture had a record 2007, adding senior banking expertise in the form of Deutsche Bank's Mark Preston and John Muncey of UBS, and participating in some of the UK’s biggest deals, including KKR’s £12bn (€15.7bn) takeover of AllianceBoots and Reuters’ £21bn merger with Thomson.

Mid-2004: The 180-year-old UK stockbroker Cazenove is linked with suitors including Bank of America, Barclays, Citigroup and Goldman Sachs, as well as Lehman and JP Morgan. Morgan Stanley is the only investment bank to rule out a bid.