First Big Client Goes After Cazenove/JP Morgan Deal

The Times reports that Cazenove has lost its first FTSE 100 broking client since completing that joint UK investment banking deal with JP Morgan.

Independent TV broadcaster ITV has dropped Cazenove and CSFB, although the company is retaining Citigroup, Hoare Govett and UBS. The newspaper quotes an unnamed 'banking source', who has said 'many other leading UK companies were reviewing their broking relationships'. Expect a bit of a corporate broking merry-go-round, then.

And CSFB continues to lose corporate broking clients. BSkyB, ITV, National Grid Transco and P&O have all flown the nest in recent weeks. Now the Daily Telegraph reports that drugs firm Astra Zeneca is understood to have appointed Deutsche and Goldman as brokers ahead of CSFB and Merrill Lynch.

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