JP Morgan To Buy British Investment Firm

JP Morgan Chase Co. is taking full control of Cazenove Group. JP Morgan began a joint venture with the 190-year-old British brokerage in 2005. JP Morgan Cazenove will continue to operate under that name and become a wholly owned part of the U.S. bank's British investment bank arm.

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STEVE INSKEEP, host:

NPR's business news starts with American companies moving in on the British.

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INSKEEP: We have two deals to tell you about this morning, one of them real, and one possible, and both involving American corporations buying historic British firms.

First, JP Morgan Chase, one of the biggest banks in this country, is buying a 190 year-old British brokerage that is believed to count the queen among its clients.

JP Morgan already owns half of the firm Cazenove, but today, JP Morgan said it's paying $1.7 billion for the rest of this brokerage known for its secrecy and discretion. That's how Britain's Guardian newspaper describes the firm.

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