- Bank of America execs Laurie Readhead, who sits on the bank’s tech leadership team, and Jim O’Neil are retiring.
- Susan Yung will join Cathy Bessant’s tech leadership team.
- Bessant, BofA’s chief operations and technology officer, oversee a $14 billion budget and 95,000 employees.
- See more stories on Insider’s business page.
A transition among Bank of America’s top tech leaders will see two Bank of America execs retire and one join Chief Operations and Technology Officer Cathy Bessant’s senior leadership team, Insider has learned.
Laurie Readhead, enterprise chief information and data officer and a member of Bessant’s top tech team, will retire from Bank of America at the end of September, according to an internal memo viewed by Insider.
Readhead is a 30-year veteran of Bank of America, having joined in 1991. In her role, she oversaw enterprise data capabilities and operations, non-financial regulatory reporting, and the bank’s artificial-intelligence initiatives.
Readhead also led a project that provided greater visibility into the direct costs associated with different tech projects and services, the memo said,
Readhead’s current work and projects will be split among other execs after she leaves, a source familiar with the matter said.
In August, Insider detailed the top execs serving on Bessant’s senior tech team. Together, they oversee an annual budget of $14 billion and some 95,000 employees.
“One of the key ingredients to making it work is that they are integrated with each other,” Bessant previously told Insider of her leadership team. “A technology and operations organization doesn’t have the luxury of being able to be an island.”
Jim O’Neil, head of independent technical assessments, has also announced his intention to retire in early 2022, the memo said. O’Neil also joined Bank of America in 1991.
In his role, O’Neil and his team drove independent reviews of tech projects at Bank of America. He also designed and built out a testing tool used by the bank to root out and address technical software development problems.
Bessant is getting a new direct report
Bessant’s senior leadership team has also gained a new face, according to the memo.
Managing director Susan Yung will take on much of O’Neil’s work in leading independent technical assessments and join Bessant’s leadership table, reporting directly to her.
She’ll also lead horizontal tech initiatives and be responsible for global technology and operations capacity and monitoring as well as asset governance.
Yung previously led securities core trading operations, handling post-trade work and serving as a linkage to Bank of America’s global equities trading partners. She reported to Paul Simpson, one of Bessant’s deputies.
Yung also led technology and operations for Latin America and Canada across business lines.
Yung joined Bank of America in 2016 from Goldman Sachs, where she spent nearly 16 years. At Goldman, Yung served as the co-head of operations in India.
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