JPMorgan will receive a fee of about $50 million for assembling a group of investors to lend $5 billion to WeWork — even though the coworking company didn't select that bailout option.
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| |  | JPMorgan will receive a fee of about $50 million for assembling a group of investors to lend $5 billion to WeWork — even though the coworking company didn't select that bailout option.
Both JPMorgan and SoftBank, the coworking giant's biggest investor, had submitted competing rescue plans to the company's board. But WeWork has opted to go with SoftBank's bailout, The Wall Street Journal reported on Tuesday.
It is unusual for an investment bank to receive fees for deals that do not happen. JPMorgan has had a long relationship with WeWork — the Wall Street bank was set to be a lead underwriter on the company's failed IPO and had also been tapped to put together a separate financing package contingent on the offering.
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