Holly O'Neill's extensive career at Bank of America can be traced back to an ad in a print newspaper (circa 1996), which she answered via the U.S. Postal Service. Some 30 years later, the now-president of the consumer, retail and preferred division is focused on deepening the bank's relationships with nearly 70 million customers.
Since assuming the role last year, O'Neill has been playing offense, setting—and hitting—big targets for the institution whose predecessor companies date back to the first days of American democracy.
Based on full-year 2025 financials, O'Neill is undaunted by the breadth of her portfolio, putting up strong numbers over the prior year. Net income increased to $12.2 billion, up by $1.5 billion; net-interest income rose to $35.3 billion, up $2.2 billion, primarily driven by higher deposit spreads as well as loan and deposit balances; and noninterest income was relatively unchanged at $8.4 billion. Total revenue was up $2.2 billion, to $43.7 billion, and return on average allocated capital was 28%, up from 25%."It's been great getting the opportunity to set the vision for the business, and to present at Investor Day," said O'Neill. "We set out some very ambitious goals."
Among them: reaching 75 million clients, hitting client satisfaction levels that exceed 95%, and generating $20 billion in annual net income and 40% return on capital.
That would be no small feat, especially when fending off massive sharks like Jamie Dimon and team JPMorganChase, and a growing number of agile fintechs.
In a counterintuitive play, O'Neill recently rolled out a new rewards initiative that democratizes benefits for all customers. While other programs have increasingly focused solely on wealthier clients—think of high-end credit cards and their record annual fees—Bank of America is giving customers credit card rewards, free fraud monitoring and access to deals platforms.
"This is a huge focus, and something we've been working on for more than two years," O'Neill says of the program. "We've been able to extend rewards across our business, so that it's now available to anyone with an account with us. We had great uptake in the first eight weeks alone, with three million clients enrolled."
With BofA's share price at all-time highs, O'Neill stands out in colleagues' minds for her leadership in good times and bad, such as during the pandemic when no one could accurately predict what lay ahead. "I worked with Holly during the pandemic, and I remember her being so steadfast and tireless," says Ashley Ross, the bank's head of consumer client experience. "We were still able to be there for clients, and a lot of that was due to Holly and her grit. It was a hard time for all of us, and she was our anchor."
O'Neill relishes setting big targets for her team and demonstrates a steely determination to get there—without the attitude of Miranda Priestly, the lead character in "The Devil Wears Prada," an admitted guilty pleasure she can't pass up. "When it comes on, I can't not watch it."
