Bank of America Merrill Lynch has hired Alex Wilmot-Sitwell from UBS as president of Europe and emerging markets (ex-Asia), the exact position to which Andrea Orcel was due to be promoted before he defected to the Swiss bank last month.

The hire fills the hole at the top of Bank of America Merrill Lynch's European business created when Orcel left and Jonathan Moulds, president of the US bank's European business, announced he was to step down after 18 years.