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End of an era as Mayhew steps down from Caz job

British banking marked the end of an era yesterday as JP Morgan Cazenove announced that David Mayhew, its chairman, was stepping down after more than four decades at the City's most illustrious broker.

The Eton-educated banker's decision to hand over power at the Queen's broker comes at a fitting time for a man whose career spanned huge upheaval in the City of London. This year was the 25th anniversary of the Big Bang, the deregulation of the City that saw Cazenove's old-school rivals swallowed up by US, Swiss and German banks.

By the start of the 2000s only Cazenove, known as "Caz" in the City, remained independent, supported by Mr Mayhew's contact book and his skills as an adviser to Britain's bosses.

Mr Mayhew rejected a bid from the now-defunct Lehman Brothers and formed a joint venture with JP Morgan in 2004. He pocketed £19m when JP Morgan bought Cazenove in 2009.

The angling enthusiast's victories include Marks & Spencer's successful defence against Philip Green's approach in 2004. The low point was charges brought against him in the Guinness market-manipulation scandal of the 1980s. The charges were dropped and Cazenove supported Mr Mayhew throughout.

Mr Mayhew, 71, will stay on as an adviser to JP Morgan's investment banking clients. Tim Wise, deputy chairman of JP Morgan Cazenove, will take over as chairman.