Bank of America has announced a restructuring of its consumer units. Holly O’Neill, the bank’s president of retail banking, will now lead the combined consumer, retail, and preferred lines of business. This change is effective immediately.
O’Neill has been with Bank of America for nearly 30 years. She has consistently been recognized as one of the most powerful women in banking. In her new role, she succeeds Aron Levine, who is leaving the bank after a 32-year tenure.
The restructuring merges two key departments: retail banking, which serves 69 million consumers, and preferred banking, which caters to mass affluent clients and small business owners. CEO Brian Moynihan stated, “Operational excellence is critical to our progress, including our ongoing work to simplify and streamline the organization, making it easier for teammates to deliver for our clients and our investors.”
David Tyrie, currently the chief officer of digital and marketing, will also lead a new consumer client solutions group. This new department will incorporate Merrill Edge, employee banking and investments, and consumer lending.
The expanded roles for O’Neill and Tyrie aim to simplify and enhance the organization, according to a Bank of America spokesperson.
Restructuring consumer units leadership
O’Neill’s career at Bank of America began in 1996 as a credit analyst trainee.
She advanced through various positions within the corporate and investment bank. In 2018, she was named chief client care officer, a role she initially hesitated to accept but later regarded as one of her best career moves. “I really challenged myself to say: ‘You know what, Holly?
You can do this,'” O’Neill shared with American Banker last year. “‘You can figure it out; you can get the right team. Take the leap; take the risk and give it a try.'”
Three years later, she was promoted to head of retail banking.
She has since focused on guiding clients toward financial health, providing exceptional service, and leveraging technology to support these goals. Reflecting on her career, O’Neill emphasized the importance of embracing challenging assignments for personal growth. “Don’t shy away from the unpopular assignments,” she advised.
“Those tend to be the assignments that you learn the most from.”
