The resignation last week of Bruce Carnegie-Brown from JP Morgan, where he was head of European debt capital markets, was the latest in a string of senior departures from the US firm.

It came just weeks after Rob Standing, the head of European rates, became the latest in a steady stream of senior JP Morgan bankers and traders to join hedge funds. William Cunningham, head of corporate bond strategy, is also understood to have resigned last week. Jonathan Laredo, co-head of European securitisation, left two months ago.