City veteran Mayhew to step down as chairman of Cazenove

DAVID Mayhew, one of the City’s best-connected bankers, is to step down as chairman of JP Morgan Cazenove after 42 years with the blue-chip firm.

Mayhew’s name has become synonymous with the Queen’s stockbroker, which sold itself to US banking giant JP Morgan in 2009, and his resignation will draw the curtain on an era in British banking.

In an internal memo sent to staff yesterday, JP Morgan said Mayhew will continue to work as a vice-chairman of the investment bank but without day-to-day responsibilities for Cazenove.

The memo describes Mayhew as “one of the architects of Cazenove’s success as the UK’s leading corporate broker” and one of the forces behind its merger with JP Morgan.

Mayhew will be succeeded by Tim Wise, who has been with the firm for the past 12 years and became head of corporate finance in 2001.

Mayhew has advised on blockbuster deals including the bid defence of Marks and Spencer and the demerger of Centrica and Lattice from British Gas.

In 1992, he emerged unscathed from an investigation into share manipulation by Guinness during its takeover of Distillers in 1986.