Doubtless working at the top equity capital markets operation in the UK has many attractions, but one of the biggest comes with a pound sign in front. Big business means big bonuses.

So why would anyone leave? If JP Morgan's UK ECM unit has just named its third head in as many years, is it a sign that all is not well? If a senior member of the team jumped ship this year, does that increase the anxiety? Has the US bank caused discontent in the ranks with a change of approach to UK ECM?