Former head of global transaction services (GTS) at Bank of America Merrill Lynch (BofAml), Paul Simpson, is being replaced by Paul Donofrio.

Donofrio retains his previous title as head of global corporate credit and transaction banking at BofAml and will continue to report to the bank’s COO, Thomas Montag.

Donofrio has overseen GTS at the bank for several years and now assumes direct management of the business. He has 25 years of global corporate and investment banking experience, having joined BofAml in New York in 1999 from UBS, where he was a senior member of the healthcare group.

Donofrio will retain responsibility across global corporate and investment banking (GCIB) and commercial banking for GTS, global loan products, leasing, trade and supply chain finance and custody and agency services.

Simpson is moving to the new role of senior leader in the bank’s global equities business, overseeing prime brokerage, stock loans, OTC clearing and futures and options. He has worked to build up the bank’s GTS business franchise since joining as head of GTS three years ago.

In his new role, Simpson will report to global head of equities and head of Emea global markets, Fabrizio Gallo, as well as head of global fixed income currencies and commodities trading, David Sobotka. Simpson will continue to lead BofAml’s global custody and agency services (GCAS) business.