Sir Win Bischoff, the City grandee who at one-time led Citigroup and most recently acted as chairman of Lloyds Banking Group, is to take a new role at JP Morgan, having started career at predecessor firm Chase Manhattan more than 50 years ago.

Bischoff is to take the role of chairman of JP Morgan Securities, the main legal entity for JP Morgan's corporate and investment bank in Europe, from January 2015. He will replace Tom Hoppe.