Merrill Lynch has made a second round of senior management changes this week by replacing Tom Davis, head of the bank's corporate and institutional client group, with Paul Roy and Arshad Zakaria.

Roy and Zakaria take on Davis' responsibilities for investment banking, debt and equity markets and the securities business. Roy moves up from his role as global head of equities and will continue to work in London. Zakaria moves up from head of corporate risk management.