Bank of America has combined its consumer units under the leadership of Holly O’Neill. O’Neill is now head of the consumer, retail, and preferred lines of business. CEO Brian Moynihan announced this change in a company memo on Monday.
It is effective immediately. O’Neill has been with Bank of America for almost 30 years. She has led the bank’s retail unit since 2021.
In her new role, O’Neill takes over from Aron Levine. Levine was the previous president of preferred and consumer banking at Bank of America. After nearly 32 years, he is departing to pursue other opportunities.
The reorganization merges two key departments at Bank of America: retail, which serves 69 million consumers, and preferred, which caters to mass affluent clients and small business owners.
Single leadership for consumer banking
The aim is to simplify and streamline operations. This will make it easier for employees to deliver services to clients and investors. In the same memo, Moynihan announced that David Tyrie will also lead a new consumer client solutions group.
Tyrie is currently the chief officer of digital and marketing. The new department will integrate Merrill Edge, employee banking and investments, and consumer lending. A BofA spokesperson explained that the expanded roles for O’Neill and Tyrie are part of broader efforts to simplify and streamline the organization.
O’Neill joined Bank of America in 1996 as a credit analyst trainee. She eventually advanced through the ranks of the corporate and investment bank and became the chief client care officer in 2018.
Three years later, she was promoted to head of retail banking, a position she still holds in its expanded form. In this role, O’Neill has focused on guiding clients toward financial health, delivering exceptional experiences, and leveraging technology to achieve these goals.
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