Redundancy wait at Cazenove

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The Independent Online

Staff at Cazenove, the investment bank now fully owned by JP Morgan, are set to receive further details about redundancies at the firm in the coming days after the integration process kicked off last week.

A small number of Cazenove employees were told last week that their jobs were "at risk". More are expected to be told whether their positions are under threat tomorrow.

Back-office employees are believed to be likely to bear the brunt of the cuts, although the bank has stressed that it hopes to relocate staff to other parts of the bank if possible.

JP Morgan agreed in November to pay £1bn to buy the 49.9 per cent of shares in the joint venture JP Morgan Cazenove that it didn't already own. The deal was completed at the start of this month.

Naguib Kheraj, the chief executive of JP Morgan Cazenove, is expected to leave the bank following completion of the integration process.

On Friday, JP Morgan posted better than expected profits in the final quarter of 2009 of $3.3bn.