Two senior bankers have quit JP Morgan Cazenove, the investment banking joint venture that formally opened for business three months ago. Nick Wiles, a corporate financier, joins Morgan Stanley, while John Lydon leaves the venture's equity capital markets unit for Deutsche Bank.

Wiles was co-head of corporate finance and a vice-chairman at JP Morgan Cazenove. He was widely tipped as a potential successor to chairman David Mayhew.