Bank of America has appointed former Santander and JP Morgan trade head Mike McDonough as managing director and global head of traditional trade product. 

New York-based McDonough joins after nearly five years as head of working capital solutions at Santander North America. He previously spent a decade at JP Morgan, holding several roles in trade and supply chain finance, including head of trade for North America. 

McDonough reports to Geoff Brady, head of global trade and supply chain finance. 

The bank’s traditional trade unit sits alongside supply chain finance, headed by Duncan Lodge, and export and agency finance, which is led by Pat Gang. Lodge also previously managed traditional trade on an interim basis. 

McDonough is tasked with developing and building the bank’s traditional trade offerings, and will work closely with head of digital transformation Madhav Goparaju on its efforts to digitise trade finance on an end-to-end basis. 

The launch of Open Account Automation – where documents underpinning open account trade are processed and transferred digitally – was the first iteration of this programme. Further initiatives are due to launch shortly, the bank says. 

“Mike’s expertise in payments, card, and receivables solutions will be instrumental in creating comprehensive, integrated and fully digital trade solutions,” a Bank of America spokesperson tells GTR.