JPMorgan’s purchase of U.K investment bank Cazenove may be the first step to its becoming a leader in investment banking in Europe, according to the Wall Street Journal. JPMorgan’s investment banking market share rose to 9.8% in 2014 from 8.1% in 2013 and 6.5% in 2012. The success with Casenove may enable JPMorgan to gain a foothold in Europe; 7.8% of its revenues were from investment banking, up from the year before.
In 2004, JPMorgan bought 50% of Cazenove. The purchase was completed in 2010 and now JPMorgan has gone from laggard to investment banking leader, followed by Barclays and Goldman Sachs. CEO Jamie Dimon may be able to see his bank overtake Deutsche Bank in investment banking, and JPM does seem to be nipping at the German bank’s heels, with JPM getting 7.4% of the fees compared with DB’s 7.7%. However, JPM still has quite a way to go, since it lacks exposure to France, Spain and Scandinavia, areas that are strong points for DB.
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