Jaime Bergel has left as chairman of Merrill Lynch in Spain after being sidelined in a reshuffle. Claudio Aguirre, chairman of investment banking for Europe, Middle East and Africa (Emea), is set to follow him, according to sources close to the bank.

Sources said Aguirre, who is good friends with Bergel, will resign after having seen his role gradually reduced over the past 12 months. Last December, Philip Yates replaced him as head of European investment banking. Aguirre remained chairman of Merrill Lynch in Europe, but was moved from London to Madrid in January and reassigned to work with the bank's Spanish clients.