Bank of America Merrill Lynch, which has been trying to stem the flow of bankers departing since its merger, has made its most senior hire in Russia since it opened that office. The US bank has now made over 100 hires so far this year in its global banking and global markets businesses.

Sergey Babayan has joined as co-head of the banks global markets team in Russia, from MDM Bank in Moscow, where he was co-head of corporate and investment banking at the bank.