Holly O'Neill, who was No. 5 on American Banker's list of the Most Powerful Women in Banking last year, will oversee a new department combining BofA's retail and preferred units. Aron Levine, who previously led preferred banking, is leaving the company.

The largest U.S. banks are facing shareholder votes on a number of politically charged issues — some backed by conservative groups and others championed by organizations with a more progressive bent.

Bakkt is losing contracts with the bank and Webull just months after the company's acquisition talks with Donald Trump's Trump Media fell through.

Without citing examples, acting comptroller Rodney Hood expressed disgust at what he called the "debanking" of certain businesses.

Banks' latest annual reports, filed in the early weeks of the second Trump administration, provide a window into how the industry is adjusting to a new political climate.

The hiring comes roughly a month after Ida Liu resigned and the firm embarked on a regional restructuring.

Brian Moynihan, chairman and CEO of Bank of America, said the future of banking lies in tech.

Brian Moynihan argued Tuesday that the president's allegations of politically motivated debanking stem from the problem of overregulation.

The legendary investor expressed his inclination for equities even after selling large chunks of Berkshire Hathaway's investments in three major banks. "That preference won't change," Buffett wrote in his annual letter to shareholders.

While executives this week signaled they could accept policies that put pressure on the economy, analysts said the lighter regulatory touch is unlikely to offset Trump's tariff regime.