Merrill Lynch has lost its second European head of equity-linked origination in two months as Phil Jones has left the bank less than one month after being promoted to the role.

His departure leaves a hole in Merrill's European equities business where the bank's equity-linked franchise is not as strong as in straight equities. Jones had been due to replace Walter Lewin, the previous head of equity-linked origination who left at the end of last year.