JP Morgan's co-head of mergers and acquisitions has quit after more than 20 years to join US buyout group TPG Capital as a partner, prompting a reshuffle of the bank's senior management in its European advisory business.

Dag Skattum, global co-head of M&A with responsibility for the bank's advisory business in Europe, the Middle East and Africa, is leaving JP Morgan after 21 years. New York-based Jimmy Elliott, his former counterpart, will become sole head of the bank's M&A business.