The position is a newly created one. The role also comprises that of head of global equity sales, effective immediately.

He will continue to be based in New York, confirmed a spokesperson.

Tomas Montag, co-chief operating officer of BofA who oversees the global banking and markets group, said in an internal memo that Cummings was appointed to the joint role “in order to drive stronger connections between our global distribution network and the international wealth management business."

Cummings will head up international wealth management to “develop a cohesive global strategy that builds stronger relationships with global banking and markets and continues to strengthen interaction with the US wealth management business," said the memo.

Cummings will report to Fabrizio Gallo, head of global equities and global markets in Europe, Middle East and Africa.

His former role as head of global equity capital markets will not be replaced, cutting out a layer of management, according to a separate memo distributed by Alastair Borthwick and Lisa Carnoy, co heads of global capital markets.

The four regional equity capital markets heads, Mary Ann Deignan in the Americas, Craig Coben in EMEA and Jason Cox and James Fleming for Asia-Pacific, now report to Borthwick and Carnoy.

The reshuffle comes a month after other executive changes at BofA. Montag was promoted to co-chief operating officer, after previously serving as the head of global banking and markets.

Sallie Krawcheck, previously head of global wealth and investment management, and Joe Price, former head of consumer and small business banking, were both made redundant as part of a cost-cutting drive called Project New BAC. Earlier this week the bank filed separation agreements agreeing one-time severance packages of $5.15 million each for Krawcheck and Price. 

Critics say the eye-watering payouts jar with the current climate of austerity programmes and redundancies being signed off by Western firms. The US bank announced last month plans to cut 30,000 jobs as part of its efficiency programme, as the demands of higher regulation and lower fees from customers weigh on revenues.

In early September, BofA appointed David Darnell and Tom Montag to the newly-created positions of co-chief operating officers, accountable for all of the company's operating units. Darnell is responsible for those businesses serving individual customers and clients including deposit, card, home mortgage, wealth management, small business, and related products and services. Reporting to Montag are businesses that serve companies and institutional investors, including middle market commercial and large corporate banking, institutional investor services, such as Bank of America Merrill Lynch Global Research, and the global markets sales and trading businesses.