Merrill Lynch has appointed Russell Stein, head of its financial institutions corporate finance group, as treasurer as the US bank undergoes a sustained reshuffle at senior management level.

Stein, who is a managing director at Merrill Lynch, succeeds John Stomber, who left the bank at the end of July. The appointment comes a day after Stan O'Neal, chairman and chief executive of Merrill Lynch, rehired Robert McCann to oversee its global private client and securities research and economics divisions, as well as Merrill Lynch Investment Managers, its asset management business.