Henrietta Baldock, who runs Bank of America Merrill Lynch’s financial institutions group in London, is to become chairman of the operation, according to an internal memo circulating at the bank today that was seen by Deal Journal.

Baldock, BofA's most senior female investment banker in Europe, is to be replaced by Michael Frieser and Marc Tempelman, two current members of the group, according to the memo from the firm's global investment banking head Christian Meissner and Bob Elfring, one of his lieutenants for Europe.