JPMorgan Races to Add Rescue Financier to Its WeWork Roles
- Firm is adviser and large lender to company and its co-founder
- Bank’s fund clients are also among WeWork’s top shareholders
The WeWork Ocean Gate Minatomirai co-working office space in Yokohama, Japan.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
JPMorgan Chase & Co. has hundreds of millions of dollars riding on the fate of WeWork across client portfolios and its own books. And then there’s the matter of the bank’s reputation.
The biggest U.S. bank is leading discussions about a $5 billion debt package to help the office-sharing company avoid running out of cash as soon as next month. It’s a long way from the celebratory initial public offering the firm thought it’d be leading as a reward for years of investment from the bank and its clients.