JP Morgan and UK stockbroker Cazenove

JP Morgan the US investment bank is planning to purchase the other half of UK stockbroker Cazenove that it does not already own.

According to the press JP Morgan will pay Cazenove $940m for the remaining 50% stake. The deal is likely to insight big pay outs for both current and former senior executives at Cazenove. It was a little over 5 years since the two companies agreed a joint venture in which they merged investment banking operations.

David Mayhew the chairman of Cazenove who has been at the company for 40 years could receive a pay out of between £18m-£19m from the deal. Under the agreement from the companies, JP Morgan has until February 2010 to exercise an option to buy out its partner. To read more on this story go to news.bbc.co.uk.