Haim Saban, the US billionaire who has made a revised bid for KirchMedia, the insolvent German media group, has replaced Rothschild with JP Morgan as his M&A adviser.

Rothschild's former co-head of investment banking, Stephan Krümmer, was a close adviser to Saban, when he made a €2bn ($2.3bn) bid for ProSieben, Kirchmedia's television division and film library, earlier in the year. The deal fell through in June, and when Krümmer left Rothschild last month, he cited the collapse of the transaction as one of the reasons for his decision to leave investment banking.