Bank of America Merrill Lynch [BAC] has named Paul Donofrio head of its global corporate banking business, the bank said Wednesday.
The announcement follows the recent appointment of Cathy Bessant as global technology and operations executive for Bank of America. Donofrio, who is based in London, continues to report to Tom Montag, global banking and markets president.
“The international expansion of our corporate banking business is one of Bank of America Merrill Lynch’s highest priorities and greatest growth opportunities. The combination of Bank of America and Merrill Lynch has truly enhanced our ability to serve clients through a broader range of customized financial solutions across a global footprint. I’m confident that with Paul at the helm, we will continue to build on our progress and realize the full potential of the Bank of America Merrill Lynch platform,” Montag said in a statement.
Donofrio will continue to work with global corporate and investment banking executives Michael Rubinoff and Purna Saggurti, who will lead global investment banking.
Donofrio, who joined the bank in 1999, has served as head of global health care, consumer and retail, and technology, media and telecom investment banking. During the merger of Bank of America and Merrill Lynch, he led the integration of the corporate and investment banking businesses for Bank of America.
In September, Donofrio became global corporate and investment banking executive responsible for leading investment banking globally.
Prior to joining the bank, Donofrio worked in the health care group at UBS focusing on biotech, specialty pharma and large-cap pharma companies. He also worked at Kidder, Peabody & Co. in the health care, technology and debt restructuring groups.