A research veteran who spent two decades at Merrill Lynch before re-emerging at Jefferies International roughly a year ago has stepped down as deputy head of Emea equity research and left the US bank, which has handed the post to its head of European banks research.

Gary Baker, who had been head of European equity strategy at Bank of America Merrill Lynch before he left in 2012, was registered as inactive on the Financial Services Register on December 4. He had joined Jefferies in November 2014, according to the register.