William Vereker, the high-profile investment banker who joined JPMorgan as a rainmaker just five months ago, is set to join Santander as chairman of its UK business.

Vereker, the former co-head of UBS’s investment bank who also served as business envoy to former UK prime minister Theresa May, was tasked with dealing with JPMorgan's biggest clients in January. However, he is set to leave the US investment bank for a senior role at Santander's UK operations, which is largely a retail operation in the country, according to two people familiar with the matter.