... as it lays out plan for orderly redundancies

JP MORGAN Cazenove has already set out proposals for an orderly redundancy process ahead of the completion of its takeover by JP Morgan early next year, in an attempt to calm jitters among staff fearing for their jobs.<br /><br />The blue-blooded City broker has posted documents on its internal website with details of the procedure, which will see employees submit to an evaluation process ahead of decisions on which staff will be laid off, retained on a permanent basis or kept on for a limited period to help with the integration.<br /><br />News of the formalised procedure comes despite expectations that the number of redundancies at the firm, which employs 660 people, will be very low. <br /><br />JP Morgan Cazenove&rsquo;s corporate finance division will be left broadly unchanged, while its equities business will suffer some job losses.<br /><br />Earlier this month, JP Morgan agreed to pay 535p a share for the 50 per cent stake in the firm that it did not already own in a &pound;1bn deal, landing current and former staff a bumper &pound;740m windfall.<br /><br />JP Morgan Cazenove chief Naguib Kheraj confirmed at the time that a number of redundancies were likely to be inevitable, though declined to comment on potential numbers.