December 3, 2013 / 12:12 PM / 5 years ago

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

People walk inside JP Morgan headquarters in New York, October 25, 2013. REUTERS/Eduardo Munoz

LONDON (Reuters) - JP Morgan (JPM.N) received 7 million pounds ($11 million) in fees for advising the Co-operative Bank CPBB_p.L 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).

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.

Reporting by Matt Scuffham

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