Those told their services will no longer be required include Sir Victor Blank, the former Lloyd’s chairman who oversaw the bank’s disastrous merger with HBOS.
Ex-Merrill Lynch banker Bob Wigley and Baroness Hogg, chairman of the Financial Reporting Council, have also been removed from the list.
The Prime Minister’s decision was taken with Lord Marland, who chairs the ambassador programme. They also resolved that in the future all those involved must have a senior executive role.
The ambassador roles are unpaid but holders are expected to promote British business abroad during the course of their day jobs and attend UK Trade & Investment events when possible.
Cameron also appointed seven new business ambassadors, including Arle Capital chairman Sir George Buckley and Lucian Grainge, the chairman and chief executive of Universal Music.