JP Morgan Cazenove’s chairman David Mayhew has stepped down. He will, however, continue as vice chairman of the global investment bank, reporting to chief executive Jes Staley.

Tim Wise will succeed Mayhew as chairman, while Mayhew will take on Wise’s role as deputy chairman reporting to Emilio Saracho, head of EMEA investment banking.

Wise is a member of the executive committee; he first joined Cazenove in 1999 and became head of corporate finance two years later. Prior to joining the firm he was a senior banker in corporate finance at Dresdner Kleinwort Benson.

JP Morgan and Cazenove announced a joint venture in 2004 and then in 2009 Cazenove became a fully-owned part of JP Morgan providing investment banking services to clients in the UK.