The power base at JP Morgan is likely to move away from New York following the abrupt departure of Geoff Boisi, co-head of investment banking, insiders at the bank have said.

Boisi, who is not thought to have got on with the other co-head of investment banking, Don Layton, kept much of the decision-making authority in the US. Boisi has left under a cloud and Layton has been moved internally in a swap with Dave Coulter, the new head of investment banking.