JP Morgan Cazenove's high-profile chairman David Mayhew, has emerged as one of the chief advisers to the UK Government on its £50bn (€63bn) rescue package for the country’s largest banks, marking a dramatic return to dealmaking for the UK investment banking boss.

According to sources close to negotiations with the government, Mayhew has been central to the advisory role of JP Morgan Cazenove, which along with senior UBS bankers Robin Budenberg and David Soanes have put together the recapitalisation package the UK's largest banks.