The co-chief executive of Bank of America Merrill Lynch’s European investment bank is retiring in the latest leadership reshuffle within the US institution's London office.

Bob Elfring, who joined BAML seven years ago, has helped lead its corporate and investment bank in Europe, the Middle East and Africa since 2012. He will hand over the reins to Jim O’Neil, the respected corporate financier who has co-run the business with him since last September.