Bank of America Merrill Lynch has named two new co-heads to run the day-to-day UK corporate and investment banking operations, with Simon Mackenzie Smith stepping up to represent the bank more broadly in the UK.

The US bank has named Ian Ferguson and Michael Findlay as co-heads of investment banking for the UK and Ireland, according to a memo seen by Financial News. Bank of America Merrill Lynch confirmed the contents of the memo. Findlay will continue to lead corporate broking with Ed Peel.