M&A: Cazenove bankers hit the jackpot

David Mayhew is expected to pocket about £20 million

Christmas has come early for bankers at JPMorgan Cazenove. Last month the US bank confirmed that it had agreed to buy the outstanding 50% share in its joint venture with UK broker Cazenove for £1 billion ($1.7 billion). The price paid implies that each Cazenove banker is worth £3 million. It is more than six times the amount that JPMorgan paid for the 50% of Cazenove it bought five year ago.