Dive Brief:

• Holly O’Neill, Bank of America’s retail banking president, has taken on expanded duties at the Charlotte, North Carolina-based lender, becoming head of retail, consumer and preferred lines of business.
• O’Neill was promoted following the departure of Aron Levine, president of preferred banking, who’d been at the bank for more than three decades. He’s leaving to pursue other opportunities, and the businesses are being combined under O’Neill, according to a Monday memo from CEO Brian Moynihan to employees.
• O’Neill has been at the lender since 1996, when she joined as a credit analyst in the corporate and investment bank. She became president of retail banking in 2021. 

Dive Insight:

During Levine’s 33 years at the bank, he led units within consumer banking, global wealth and investment management, and commercial real estate. With the move, O’Neill continues to report to Dean Athanasia, Bank of America’s president of regional banking. 

Prior to heading up the retail banking unit, O’Neill had been Bank of America’s chief client care executive and head of consumer client services, including oversight of all client contact centers in the company. She’s also served as chief operating officer within the bank’s wealth management businesses.

With her expanded role at the bank, O’Neill will oversee Bank of America’s retail unit, which serves about 69 million consumers, and its preferred unit, which caters to mass affluent clients and small business owners. 

The move will help drive continued growth in Bank of America’s consumer division, Moynihan said. Last year, the bank added 1 million net new consumer checking accounts, it said. 

“Our focus across the company continues to be on growing and winning in the market with our customer-focused strategy, within our risk framework, and in a sustainable manner,” Moynihan wrote in the memo. “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.”

The leadership changes “are consistent with these goals,” Moynihan wrote.

As the bank has sought to streamline operations, Moynihan noted in February that technology’s impact on banking has enabled the lender to reduce its headcount, which has dropped from about 285,000 in 2010 to about 213,000 now.

Additionally, David Tyrie, the bank’s chief digital and chief marketing officer, becomes president of marketing, digital and a new specialized consumer client solutions group, according to the memo.