JP Morgan received $11 mln fees for advising Co-op on Britannia

December 3, 2013

LONDON, Dec 3 (Reuters) - 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).

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.