Senior management shake-out at Merrill Lynch

Gregory Fleming and Ahmass Fakahany, the two newly appointed co-presidents of Merrill Lynch, have begun their tenures by shaking up senior management beneath them.

In an internal memo, the pair announced they were introducing a “flat management structure”. The overhaul sees business heads in global markets and investment banking, as well as global wealth management, sitting on two executive committees and reporting directly to Fleming and Fakahany.

Andrea Orcel has been appointed head of global