Thomas Montag, Bank of America Merrill Lynch's new president of global banking and markets, has wasted little time in stamping his mark on the business, annointing top European rainmaker Andrea Orcel as a key lieutenant in his first senior appointment since taking charge barely a month ago.

In an internal memo Montag said Orcel has been named executive chairman, global banking and markets, with responsibility for strategy and engagement with major corporations, investors and governments around the world. Orcel will continue to be based in London.