GO
Loading...

JPMorgan received $11 million fees for advising Co-op on Britannia

Christopher Furlong | Getty Images News

JP Morgan received 7 million pounds ($11 million) in fees for advising the Co-operative Bank on its takeover of the Britannia Building Society, one of its top executives told lawmakers on Tuesday.

5 million pounds of the fees were contingent on the deal going through, Tim Wise, managing director of UK investment banking at JP Morgan told Britain's Treasury Select Committee (TSC).

(Read More: Former Co-op bank chairman arrested on drugs investigation)

Co-op's takeover of Britannia in 2009 saddled it with a portfolio of souring property loans and contributed to the 1.5 billion pound capital shortfall which has led the bank to fall under the control of hedge funds.

Banks

  • More and more people are hiding cash in places other than a bank, according to an American Express study. CNBC's Kelli B. Grant breaks down the best way to stash your cash.

  • The Breakers Palm Beach resort in Palm Beach, Fla., is shown in this aerial view.

    Six hedge fund managers gave their best investment ideas at an exclusive—and private—Morgan Stanley conference. Here are their picks.

  • Deutsche Bank has posted its fourth quarter earnings. Dirk Becker, deputy head of German research at Kepler Cheuvreux, says the bank did "incredibly well."