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JP Morgan and Cazenove agree joint venture

US Bank could own the UK broker outright within five years

JP Morgan and Cazenove, the 180-year-old UK stockbroker, have agreed to combine their UK investment banking businesses in a jointly-owned partnership called JP Morgan Cazenove. There will be no job losses.

JP Morgan has an option to buy the remainder of the partnership from Cazenove after five years, and Cazenove has a similar option to sell its stake, but must give JP Morgan first refusal.

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