Merrill Lynchis preparing to create a senior executive post responsible for its European business, reinforcing the impression the Wall Street bank is seeking to organise its management on similar lines to rival Goldman Sachs.

Establishing a chief executive or president for Europe would mark the last element in a re-jig of Merrill's reporting lines following senior appointments in other regions. Merrill named James Quigley as president in Latin America and Canada in May, and appointed Fares Noujaim as president in the Middle East & North Africa this month.