Source: Bank of America Merrill LYnch
Bank of America Merrill Lynch today announced that Global Corporate and Investment Banking executive Paul M. Donofrio will lead the company's Global Corporate Banking business. This move follows the recent announcement that Cathy Bessant, former head of Global Corporate Banking, has been appointed Global Technology and Operations executive for Bank of America. Donofrio, who is based in London, continues to report to Global Banking and Markets President Tom Montag.
The company is an industry leader in corporate banking in the U.S. with No. 1 positions across a range of categories, including cash management, treasury management and merchant services.
"The international expansion of our Corporate Banking business is one of Bank of America Merrill Lynch's highest priorities and greatest growth opportunities," said Montag. "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."
"The opportunity to lead an international business that is so integral to deepening client relationships across the full spectrum of our investment, corporate and global markets products is incredibly exciting," said Donofrio. "We look forward to bringing the power of the organization to our clients."
Donofrio will continue to work in close partnership with Global Corporate and Investment Banking executives Michael Rubinoff and Purna Saggurti, who will lead Global Investment Banking.
Since joining the company in 1999, Donofrio has served as head of global healthcare, consumer and retail, and technology, media and telecom investment banking. He played a critical role during the merger of Bank of America and Merrill Lynch, leading for Bank of America the integration of the corporate and investment banking businesses.
In September 2009 he was named Global Corporate and Investment Banking executive responsible for leading investment banking globally and partnering closely with Global Corporate Banking to deliver a fully integrated platform.
Prior to joining the company, Donofrio was a senior member of the healthcare group of UBS where he focused on biotech, specialty pharma and large cap pharma companies. He also worked at Kidder, Peabody & Company in the healthcare, technology and debt restructuring groups.