New York City-based, $2 trillion-asset JPMorgan Chase & Co. has agreed to acquire the 49.99% stake in London-based J.P. Morgan Cazenove that it does not already own. J.P. Morgan Cazenove’s executives will remain in their key positions and continue to operate under the J.P. Morgan Cazenove name as a unit of J.P. Morgan Investment Bank, adding J.P. Morgan’s Cash Equities and Research operations in Europe, the Middle East and Africa to the business. The stock and cash deal valued at £1 billion ($1.67 billion) is expected to close in early 2010, pending Cazenove shareholder approval. In 2008, Cazenove reported £48.5 million ($80.4 million) in net income, and in the first nine months of 2009 had already surpassed that income by 34.8%, earning £65.4 million ($108.4 million).
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