David Bianco, a former employee at UBS and Deutsche Bank, has been made head of US equity strategy, a new position. Both men will be based in New York, according to a statement from the US-based firm.

Mr Harris will join from Barclays, formerly Lehman Brothers, where he was the chief US economist since 2003. Mr Harris will be responsible for formulating and communicating the North America economic outlook and the Fed interest rate call, and will work in partnership with the rates strategy research team. He starts in September.

Meanwhile, Banc of America Securities-Merrill Lynch Research also announced strategic leadership changes in the structure of the global macro group. These include the appointment of Michael Hartnett as chairman of the research investment committee, which is responsible for identifying the best investment ideas across the global research platform and will author the RIC Report.

In this role Mr Hartnett will be supported by Joe Zidle, global wealth management strategist.  Mr Hartnett was also named chief global equity strategist.

The US banking conglomerate, which has become one of the world's largest wealth management firms, was created by BoA's purchase of Merrill Lynch last autumn.