Before staff at JP Morgan start worrying about the size of this year's bonus, let's just clarify that this story is actually about the proposed JP Morgan/Cazenove joint venture! We'll leave the subject of the JP Morgan bonus pool for another day.
According to The Sunday Telegraph, those crafty old bankers at JP Morgan look set to pay Cazenove just £100m to acquire a 50% stake in the business. The US bank is also said likely to 'lend' an additional £300m to Cazenove in order that the firm can pay off shareholders. The newspaper quotes an unnamed banker who said that 'it's a very clever deal for JP Morgan. For peanuts, it gets access to the best list of corporate clients in the UK'.
In a related story, Deutsche Bank last week filed suit in New York against JP Morgan and two former employees, alleging that the staffers stole confidential client data as they left the German bank on their way to new employment at JPM. Deutsche claims that one staffer sent five e-mail messages to a personal e-mail account in his wife's name which contained confidential competitive information.