On the heels of the announcement that former Global Corporate Banking leader Cathy Bessant was promoted to head up the Global Technology and Operations unit of Bank of America (NYSE:BAC), the company revealed that her replacement would be Global Corporate and Investment Banking executive Paul M. Donofrio.
The company said Donofrio’s promotion was based on the “critical role” he played in the integration process when Bank of America acquired Merrill Lynch and they went through the merger period. Donofrio has been has been with Bank of America since 1999. Since that time Donofrio has headed a number of business units within the company, including consumer and retail and global health-care, among others. He has also worked at Kidder, Peabody & Company and UBS before coming to Bank of America.
In a press release, Global Banking and Markets President Tom Montag said this, “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.”
Donofrio responded to the appointment saying, “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. We look forward to bringing the power of the organization to our clients.”
Donofrio will continue to report to Tom Montag, global banking and markets president, while continuing to work closely with executives in the Global Corporate and Investment Banking unit, Michael Rubinoff and Purna Saggurti.
