Merrill Lynch has carved out a new role - vice chairman - while also appointing its new NYC Metro division executive.

There have been two leadership changes at Merrill Lynch Wealth Management, Family Wealth Report can confirm.

Sabina McCarthy will take on a newly-created role of vice chairman while Jeffrey Tucker succeeds McCarthy as division executive for the New York City Metro area.

During her career at Merrill Lynch, McCarthy has served as a financial advisor, regional managing director and division executive. As vice chairman, she will act as a liaison for new and prospective clients, making connections across the Bank of America enterprise.

Tucker will join Merrill Lynch's leadership team as one of ten divisional executives. He began his financial services career in 1997 and currently serves as market executive for the Fifth Avenue Financial Center, overseeing 200 financial advisors and over $35 billion in client balances.

Previous roles he has held include financial advisor, sales manager, training manager and market executive. A replacement for Tucker will be named at a later date, Merrill Lynch said in a memo seen by this publication.