A source close to the firm confirmed that both of Merrill Lynch’s UK subsidiaries were pulling out of the market temporarily due to market conditions.
It is understood that this will result in 200 redundancies across the two firms.
The investment bank is set to consult with staff over the next few days.
A spokeswoman for Merrill Lynch declined to comment on both Merrill Lynch and Wave’s futures.
This comes as Merrill Lynch started its planned job cuts across its European fixed income and debt capital markets groups.
It aims to cut 4,000 staff across its global operations.