Goldman Sachs' role as corporate broker to Diageo could be hanging in the balance after the world’s biggest maker of alcoholic drinks appointed UBS and Credit Suisse following a beauty parade but is yet to make a decision on whether to retain Goldman.

Diageo invited investment banks to pitch to become corporate brokers to the company following a review of its banking relationships in the second half of last year. Incumbent Credit Suisse succeeded in holding onto the mandate and UBS was added to the roster.