Mr Shiff will report jointly to Bryan Weadock, co-head of global fixed income, currencies and commodities sales, and the heads of global capital markets, Alastair Borthwick and Lisa Carnoy.

Mr Shiff joins from Barclays Capital where he was managing director and co-head of the risk solutions group, US, responsible for growing the company’s US corporate client business for interest rate products, cross-currency swaps, and other risk management products. Prior to that, he worked at UBS for seven years, most recently as a director in the fixed income derivatives group.

Mr Borthwick, head of global capital markets, said: “Bank of America Merrill Lynch prides itself on delivering the best solutions for our clients, and our risk management capabilities are central to our innovative equity and debt structures.We are very pleased to have such a talented leader like Mr Shiff join the team.”

Mr Weadock said: “Corporate clients know that at Bank of America Merrill Lynch they have access to a powerful sales and trading desk Mr Shiff is an expert in tailoring risk solutions for large companies, and his considerable leadership skills will ensure our origination and trading businesses continue to provide best-in-class solutions for our clients.”