It remains to be seen if outgoing Morgan Stanley banker Caroline Silver will take with her clients such as Aviva's Andrew Moss and Euronext's Jean-François Théodore to her new vice-chairman job at Merrill Lynch.

Swapping the vice-chair of investment banking role at Morgan Stanley, which she is leaving after 15 years, she takes on the vice-chair of investment banking for Europe, Middle East and Africa title at Merrill.