Jean-Marie Deluermoz, who was appointed in 2007 to be director of emerging European markets within the EMEA wealth management team, has been made redundant. The firm has decided to change its reporting lines, rendering the executive's role unnecessary, this publication understands. 

The firm declined to comment on the matter.

The firm has seen a mix of hiring and departures in recent months - for example, a number of its senior managers in the US have left to work for UBS. BofA/Merrill is now the world's largest wealth management firm by size of assets although as yet a predominantly domestic US player, but increasingly looking to develop international business.

There have been recent recruits; for example, BofA/Merrill Lynch appointed David Oman as chief risk officer for Europe, the Middle East and Africa, starting from the beginning of October and based in London. The bank also recently hired former Credit Suisse banker Lim Eng Guan to lead its wealth management business in southeast Asia.