Handover day in the City as Cazenove gives up its war of independence

It had to happen. A few years ago I announced the demise of the City of London. The old place in its old form had enjoyed a great run but was on its way out, and would now be relaunched as Hong Kong West. As the flag comes down from Cazenove’s masthead, we can witness power being handed over. By nature independent to the point of idiosyncrasy, Caz now believes that this model no longer works, and is putting the core of its business into a joint venture with the vast American bank currently known as J.P. Morgan. The aspiration must be that JPM Caz will go straight to the top of the deal-makers’ league. With Caz’s connections and Morgan’s muscle, it could be unstoppable. In much the same way, Bernard Shaw proposed a joint venture to Mrs Patrick Campbell: ‘Just imagine a baby with my brains and your looks.’