Sergio Ermotti, co-head of global equity markets at Merrill Lynch, has become the latest senior manager to leave the US bank. The announcement of his departure comes just two weeks after Dow Kim was promoted over Ermotti to be in charge of equities.

Kim is regarded as a protégé of Stan O'Neal, chairman and chief executive of Merrill Lynch. O'Neal promoted Kim and Greg Fleming, co-head of the financial institutions group, to co-heads of global markets and investment banking earlier this month following the forced departure of Arshad Zakaria, head of global markets and investment banking.