Bank of America expands role for Holly O'Neill
Bank of America Appoints Holly O'Neill as President of Retail Banking
Holly O'Neill has taken on a new role at Bank of America, becoming the president of Consumer, Retail, and Preferred Banking. This move, announced in 2021, places O'Neill at the helm of the bank's retail banking strategy, consumer financial wellness initiatives, and engagement with emerging customer demographics.
O'Neill's responsibilities encompass leading initiatives aimed at improving consumer financial health and engagement, with a particular focus on younger generations such as Gen Z. She has been publicly addressing how Gen Z is adapting to financial challenges by adopting new money management strategies, signaling her role involves consumer insight and shaping product offerings that respond to evolving financial behaviors.
O'Neill joined Bank of America in 1996 as a credit analyst in the corporate and investment bank. Prior to heading up the retail banking unit, she served as Bank of America's chief client care executive and head of consumer client services. She also held the role of chief operating officer within the bank's wealth management businesses.
The move is expected to drive continued growth in Bank of America's consumer division, as the bank added 1 million net new consumer checking accounts last year. The bank's retail unit serves approximately 69 million consumers, while the preferred unit caters to mass affluent clients and small business owners.
Aron Levine, previous president of preferred banking at Bank of America, is leaving the company to pursue other opportunities. In a related move, David Tyrie, the bank's chief digital and chief marketing officer, has been promoted to president of marketing, digital, and a new specialized consumer client solutions group.
Bank of America's focus remains on a customer-focused strategy, within a risk framework, and in a sustainable manner. Operational Excellence is critical to the bank's progress, including ongoing work to simplify and streamline the organization. The bank has reduced its headcount from about 285,000 in 2010 to about 213,000 due to the impact of technology on banking.
Holly O'Neill continues to report to Dean Athanasia, Bank of America's president of regional banking. Moynihan wrote that the leadership changes are consistent with the company's goals of growing and winning in the market.
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