Practolo Blog

Thursday, January 21st, 2010

Cazenove Will Relocate Following Merger with JP Morgan

Cazenove, the stock broking firm, which has been functioning in the UK for over 180 years now, is all set to relocate once more when its merger with JP Morgan is complete. The firm has relocated offices many times during its long history of existence.

Cazenove will move to the new premises at 10 Aldermanbury, which will offer the firm 312,000 sq ft of desk space to work out of. The firm now functions at 20 Moorgate in London city limits. Earlier in 2003, Cazenove moved to this location from Tokenhouse Yard near the Bank of England.

The company has a tradition of keeping its employees protected through changes and relocations. In fact it is believed that they even retained the same doorman when they relocated from one place to another.

The last five years have witnessed a successful joint venture partnership for the company with US banking giant JP Morgan. Given the success of this partnership both parties have agreed to combine forces now. Towards this end, the last portion of Cazenove has now been acquired for £1b. Sources from both companies state that the business hub of the London stockbroker will now be merged with JP Morgan’s European offices.

Inside sources believe that this will result in a drastic change in the work ethos at the stock broking firm. This may be a huge jolt to many employees who are used to the more traditional policies and attitudes, which Cazenove has nurtured through the 186 years of its existence. Many of the older employees may not be able to adjust easily to the changes, they fear.

However, Cazenove is all set to continue its practice of ensuring that its employees are protected. While there will be a few lay offs, most employees will be absorbed into the new business entity once the equities division comes into being as JP Morgan Cazenove, headed by Alan Carruthers. JP Morgan is already in the news with rumors of it restricting office space investment in UK making the rounds beginning with scrapping the construction of its headquarters here.

This entry was posted on Thursday, January 21st, 2010 at 12:31 am and is filed under Ads, Real Estate Hall, Your Business. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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