Cazenove: full house

Jeffrey Goldfarb Cazenove is at last living up to the meaning of its “new house” name. After 185 years solo and five years in shared accommodation with JPMorgan, the UK stockbroker is moving into the House of Dimon. JPMorgan’s acquisition of its joint-venture partner in UK investment banking is a generous and carefully constructed deal. But it may not preserve the historic firm’s legacy. The £2bn value put on the full business implies Cazenove’s bankers are worth £3m each. That’s far more tha...