The appointment is part of moves of some operations to the continent in anticipation of changes caused by Brexit.

Bank of America Merrill Lynch has reportedly appointed Sanaz Zaimi as head of its new Paris-based European Union broker-dealer unit BofA Securities Europe.

The move to a Paris office is part of the bank's preparation for the UK’s departure from the European Union, according to a memo seen by Reuters. The memo was signed by Tom Montag, chief operating officer.

This publication has contacted the US firm for comment and may update in due course.
 
"This is a critical milestone in the development of our EU business and our Brexit preparations”, Montag is quoted as saying in a memo to employees.

With the UK due to leave the 28-member bloc on 29 March, a number of firms have redeployed resources to European capitals to ensure market access remains open.

Shannon Lilly will relocate from the bank’s headquarters in Charlotte, North Carolina to Paris to serve as deputy CEO of the new unit, the memo said. Zaimi will head the unit in addition to her existing roles as head of Global FICC (fixed income, currencies and commodities) Sales and France country executive, it said.

Among recent news, UBS is reportedly getting legal clearance to transfer some operations out of the UK, which the bank said was necessary because of Brexit. Some operations will move to the bank’s German unit, affecting fewer than 200 jobs. This news service understands that the affected business does not directly involve UBS's wealth arm, however. Barclays recently won permission to put a chunk of its business into a Dublin-based subsidiary, if required.

Debate rages on whether banks now based in London will need to set up subsidiaries in the EU to continue accessing the bloc’s Single Market and deal in euro-denominated instruments. The issue of market access is even a headache at times for non-EU countries that have traded in the EU, such as Switzerland (see story here). At stake is whether the UK quits with a deal with the remaining 27 member states, or leaves without one, thus falling under the rules of the World Trade Organisation. A study by Reuters last week found that about 2,000 roles so far have moved or been created oversees in the run-up to Brexit, which suggests that the UK’s financial industry has been relatively unscathed.