The City grandee David Mayhew is expected to announce he is stepping back from day-to-day management of JPMorgan Cazenove today, relinquishing his role as chairman at the blue-blooded City broker.
Tim Wise, who was named as deputy chairman in January, will succeed him as chairman, while 71-year-old Mr Mayhew will remain a vice-chairman at JPMorgan.
Mr Mayhew has been with Cazenove since 1969. The City broker, founded in 1823, was taken over by the Wall Street giant JPMorgan in 2009, after a five-year joint venture for £1bn.
Mr Wise was formerly head of financial institutions at the German bank Dresdner Kleinwort Benson. He joined Cazenove in 1999, becoming head of its financial institutions group and co-head of corporate finance before stepping up to be vice-chairman.
Cazenove clients include the Queen and about a third of the UK's 100 largest listed companies.