In a deal which will result in huge payouts to the investment bank's shareholders, JP Morgan is looking to buy the remaining 50% stake in its already 50% partner Cazenove, the Queen's stockbroker, in a deal which will cost the American bank nearly ?1 Billion.

In 2004, JP Morgan purchased 50% of Cazenove, a 186-years-old firm, and under the terms of the agreement, the bank has until February next year to exercise its option of acquiring the complete stake in the firm, a deal which is reportedly in its final talk stages and could be finalized as early as this week.

Post the takeover, Cazenove's 1,500 shareholders would share payout worth ?1 Billion, with the company's former partners and high ranking executives bagging millions.  David Mayhew, the Chairman of Cazenove, is reported to be in line to receive up to ?20 Million from the sale. Others who could take home big bucks include top management executives Henry Henderson, Nigel Rowe and Christopher Smith, each in line for at least ?15 Million.

With a per share price of 525 pence, Cazenove would be valued at ?988 Million. Both parties involved have declined to officially comment.