Paul Donofrio used to teach US flight officers how to fly. Now a large part of his role is teaching corporate and investment bankers at Bank of America Merrill Lynch the equally challenging balancing act of how to work together.

As global head of corporate banking at the US firm, the former Kidder, Peabody and Dillon Read investment banker is spearheading one of Bank of America Merrill Lynch's big strategic initiatives: to export the bank's apparently successful model of integrating corporate and investment banking in the US to Europe and Asia. This drive is part of the bank's ambition to transform itself from a US-centric commercial bank to a global financial institution. It is also at the heart of a three-year plan under which it aims to be a top three global player in every one of its main product lines.