JPMorgan is breaking up with its giant private equity unit

JPMorgan is close to selling the giant private equity business housed in the bank's Highbridge Capital Management arm, according to Juliet Chung and Emily Glazer at The Wall Street Journal.

The US bank is working on a deal to sell the private equity operation, which manages $22 billion, to Highbridge chief Scott Kapnick and other senior managers, according to the report.

JPMorgan will keep control of Highbridge's hedge fund unit, the report said.

The US bank bought a majority stake in Highbridge in 2004, and completed its purchase of the remaining shares in 2009.

JPMorgan last week missed earnings estimates for the third quarter.

To read the full The Wall Street Journal story click here.