Montag merges BofA operations, promotes Meissner to co-head

Bank of America’s global banking and markets chief Thomas K Montag combined the division’s corporate and investment-banking units and promoted a European manager to co-head of the new operations.

Christian Meissner, head of investment banking in Europe, West Asia and Africa, will lead the global corporate and investment banking unit with Michael Rubinoff and Paul Donofrio, according to a memo sent to employees yesterday. Previously, Rubinoff and Purna Saggurti ran the investment bank and Donofrio was head of corporate banking for the Charlotte, North Carolina- based company.

The changes underscore the importance of growth outside the US for Bank of America’s units that serve the world’s biggest corporations. The division gets 28 per cent of revenue from overseas, and Montag told investors last month that figure may reach 50 per cent in five years. Most senior hires have been non- US managers; Meissner and Donofrio are based in London while Rubinoff works from New York.

 

“We’ve been attacking the international opportunity,” Montag said at the March 8 conference. “If there’s anything that’s happened over the last two years, I think that people are more international now than they’ve ever been, and the growth of countries around the world is faster than anybody thought it was going to be 10 or 15 years ago.”

New roles
Donofrio will lead capital markets, leasing, loan products and treasury solutions, according to the memo. Meissner and Rubinoff are responsible for the strategic direction of the unit and will run mergers and acquisitions with Donofrio.

Saggurti will be chairman of the new unit, responsible for maintaining relationships with CEOs and directors of large corporations. All of the executives report to Montag.

“Common leadership of both products and coverage will enhance our ability to serve clients and improve profitability,” Montag said in the memo.

The division was formed two years ago with Bank of America’s acquisition of Merrill Lynch & Co, creating what now ranks as the biggest US lender by assets.