The chairman of European investment banking at JP Morgan, described as "a cornerstone" of its operations in Europe and its longest-serving investment banker in London, is to retire.

Klaus Diederichs, who previously ran the bank's mergers and acquisitions operation globally and the investment banking division in Europe, Middle East and Africa, will stand down from his role in April. He will stay on as a senior adviser at the firm, according to a memo seen by Financial News.