Diageo has dropped Cazenove and Merrill Lynch as its corporate brokers.
The drinks group says it is seeking fresh views on its global drinks business, and its decision, announced today, will mark Cazenove's third major client loss since announcing plans to team up with US bank J.P. Morgan Chase & Co late last year.
It is also Merrill Lynch's first loss of a FTSE 100 broking mandate since rival Morgan Stanley poached staff from Merrill's corporate broking team last April.
Diageo - whose brands include Smirnoff vodka, Johnnie Walker whisky and Guinness - said it has hired Goldman Sachs and Credit Suisse First Boston as joint corporate brokers.
"Diageo is now focused on premium drinks and the board believes that at this time the company will benefit from the fresh perspectives a new group of advisors will bring," the company said in a statement.
Earlier today representative from Goldman Sachs, CSFB, Cazenove and Merrill Lynch had no comment.