Rothschild has been ousted as adviser to Marks & Spencer as the UK retailer drafts in Citigroup to a leading role in the company's defence against predator Philip Green.

Citigroup will work alongside Morgan Stanley, a long-standing Marks & Spencer adviser, and Cazenove, adviser and sole broker, as Marks & Spencer fights a potential £10bn (€15bn) bid from retail entrepreneur Green. Simon Robey is running Morgan Stanley's team, which first defended the company against Green in 2000, while Richard Winter leads Cazenove's team.