The bank has approached Peter Luck, a UBS managing director of corporate broking, who has worked with Blackstone-owned Travelport and the Irish building materials giant CRH, to sail the team, according to The Independent.

The investment bank sustained two blows one after another when its broking boss, Mark Astaire joined Barclays Capital and the broker Andrew Osborne resigned when he was investigated by the Financial Services Authority over insider trading.

The FSA imposed a fine of £350,000 to Osborne, last month.

Other contenders for the role remains unclear.