Merrill Lynch has reshuffled the top lieutenants of its fixed income, currencies and commodities division, promoting David Gu to sole head of its European FICC operation after the resignation of his co-head.

In an internal memo seen by Financial News, Gu will take on full responsibility for running the bank’s FICC division for Europe, Middle East and Africa following the resignation of former co-head of the unit, Dimitrios Psyllidis.