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Jamie Dimon Wins Again

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JPMorgan Chase continues to show why not being dependent on government handouts is a good thing. While the federal government got to saddle Bank of America with a sinking Merrill Lynch, JPMorgan gets to buy a bank that actually, you know, makes money.
Jamie Dimon is in talks to finish what he started five years ago, aiming to buy the rest of Cazenove Group. JPMorgan bought half of the bankers to the Queen five years ago as one of Dimon's first moves. As part of that 2004 deal, JPMorgan got the chance to take over the bank in toto, well, five years later.
JPMorgan has offered £1 billion for the half of Cazenove it doesn't own. An announcement could come next week.

The Cazenove deal has paid off for both sides. It's been a steady source of profit for JPMorgan, and it may be the only financial services firm that has grown in value over the past five years, credit crisis be damned. That guarantees a handsome payout for the firm's top executives.
In related news, Ken Lewis wants to remind you that the Merrill Lynch deal is working out great for BofA, mountain of evidence to the contrary notwithstanding.
Cazenove's American gamble pays off, five years on [Times]
JP Morgan close to £1bn deal for Cazenove [Telegraph]


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