Jeremy Palmer resigned as head of equities after the new management team was announced. Chief executive David Robins will fill Palmer's shoes temporarily until a suitable successor is announced early this year. Rabobank International, the investment banking and securities business of Dutch co-operative bank Rabobank, has appointed Bill Cuthbert to its managing board. Cuthbert replaces Alex von Ungern-Sternberg, who resigned last month, and will assume overall responsibility for the firm's investment banking business. Cuthbert joined Rabobank in 1997 as head of short-term interest rates products from Deutsche Morgan Grenfell. In his new position he will divide his time between London and Utrecht in the Netherlands. Michael Ice, head of derivatives and fixed income at Rabobank International, has left the firm after his brief was split into two separate divisions. Alexandra McLeod, 44, head of global emerging markets and senior vice-president at Bank of America, has been promoted to head of the firm's European, Middle East and Africa Corporate Banking Group (EMEA). She will report to the global head of corporate and investment banking at the firm's San Francisco office, Michael Murray. The move makes McLeod the highest ranking woman in the entire Bank of America organisation. Her appointment follows the retirement of Gerald Doherty, who has served as head of global markets and EMEA since 1994 and 1996 respectively. Bank of America has also appointed Duncan Goldie-Morrison as head of global markets. Goldie-Morrison joined Nationsbank in London in 1993 and has worked in the US since 1994. Since last year he has been co-head of global derivatives products and head of the firm's global exchange arbitrage business. Robert McKnew has been named deputy head of global markets. Cedel International has announced Carlos Salvatori's promotion as deputy to president and chief executive Andre Lussi. Graham Prosser will succeed Salvatori as chief operating officer of Cedel Global Services.