Bank of America Merrill Lynch has named a global co-head of its business unit working with financial institutions, hiring a Morgan Stanley banker in the New York-based role.

The bank has named Eric Bischof as co-head of its global financial institutions group, sharing duties with London-based Jim O’Neil, according to a memo sent to staff on March 20 by Diego De Giorgi, Bank of America Merrill Lynch’s head of global investment banking.