Marconi, the troubled UK telecoms equipment provider, has made Lazard its lead financial adviser, and has dropped UBS Warburg and Credit Suisse First Boston as joint financial advisers and brokers.

Both UBS Warburg and CSFB had long relationships with Marconi, dating back to the days when it was known as General Electric Company (GEC). Insiders said that UBS Warburg was sidelined after John Mayo, former finance director of Marconi, resigned in July. Mayo is also a former UBS Warburg banker. A spokeswoman for Marconi said that while UBS Warburg and CSFB were no longer officially advisers or brokers, both banks would maintain links with the company.