Mr Salz, speaking from Delhi, where he is on holiday, said that he hoped to decide within “a couple of weeks”.

It is expected that Mr Salz will join the London office of an investment bank. He is seeking a job that would occupy him for three to four days a week and let him keep contact with the large corporate clientele that he built up during 31 years at Freshfields.

Mr Salz is a close friend of David Mayhew, the chairman of JPMorgan Cazenove, who is expected to retire next year, and is seen as his likely successor.

Rothschild, another venerable name in City banking, is thought to be vying for Mr Salz’s services, as are other banks.

Mr Salz told The Times: “I haven’t decided what I am going to do. One of the most interesting things is having been in one place [Freshfields] for so many years, you realise it’s quite a tricky decision to make a good decision [on a new job] for a shortish period [compared with Freshfields]. I think I take any of these banks seriously, but I have to decide what or where I am likely to enjoy myself the most.

“I just don’t know yet. I’d certainly like to [decide before summer], but one of my questions is whether I want to start sooner. It’s a rare opportunity to have a summer not working around the City.”

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