Merrill Lynch reorganises leadership

In an internal memo, the pair announced they were introducing a “flat management structure”. The overhaul sees business heads in global markets and investment banking, as well as global wealth management, sitting on two executive committees and reporting directly to Fleming and Fakahany.

Andrea Orcel has also been appointed head of global origination. He was previously head of origination for Europe, the Middle East and Africa (EMEA), based in London. Orcel continues to be head of global financial institutions and co-president of EMEA with London-based colleague Osman Semerci.

Elsewhere, chief operating officer of global markets and investment banking, John Sievwright, becomes chief operating officer of Merrill Lynch International. He remains in New York and reports to Fleming and Fakahany.

Laurence Tosi, former finance director of the bank, is now chief operating officer for global markets and investment banking. He continues to be based in New York and reports to Fleming and Fakahany. Filling his old role is Chris Hayward, who was previously treasurer of Merrill Lynch. He also continues to be based in New York and reports to Fleming and Fakahany, as well as the firm’s chief financial officer, Jeff Edwards.

Eric Heaton replaces Hayward as treasurer, while retaining his role as head of strategy and business development. However, he is no longer co-head of investment banking for the Americas within the bank’s financial institutions group. He remains based in New York, reporting to Fleming, Fakahany and Edwards.

In global wealth management, Navtej Nandra becomes chief operating officer and head of strategy for the firm’s global private client unit. He was formerly chief operating officer of global investment banking with responsibility for origination. He continues to be based in New York and reports to Fleming and Fakahany, as well as global private client head Bob McCann. His predecessor as global private client chief operating officer, Colbert Narcisse, is moving across to global markets and investment banking. According to the firm, he will shortly take a senior position that has yet to be announced.

The moves follow Fleming and Fakahany's appointment as the first co-presidents of Merrill Lynch, and news that New York-based co-head of global markets and investment banking, Dow Kim, is to leave at the end of the year.

See also: Dow Kim leaves Merrill Lynch