Bank of America Helping Employees at More Than 200 Companies Manage Everyday Financial Needs Through Corporate Employee Banking and Investing Program
Bank of America today announced that more than 200 of its corporate and commercial clients across the U.S., representing nearly 3 million employees, have adopted its Corporate Employee Banking and Investing program. Introduced in early 2020, this program was created to help large and mid-sized companies better support the everyday banking1, lending1 and investing2 needs of their employees and help improve the overall financial wellness of their workforces.
“Corporate Employee Banking and Investing is a powerful solution that expands workplace financial wellness programs beyond education and benefit plans – getting right to the heart of helping employees manage and improve their daily financial lives,” said Aron Levine, President, Preferred Banking at Bank of America. “We’re pleased with the early adoption among our corporate and commercial clients, and with the feedback they’ve shared about the positive impact the program is having across their workforces.”
“We’re proud to support our colleagues and their families with comprehensive benefits and participation in this program is another way that we can do that,” said Jennifer Berres, HCA Healthcare’s Senior Vice President & Chief Human Resources Officer. “This partnership helps provide our colleagues with affordable banking services, including lower fees, so they can better pursue their personal financial goals.”
According to Bank of America’s 2021 Workplace Benefits Report (PDF), 95% of employers feel a sense of responsibility for their employees’ financial wellness. This research study, conducted annually for over a decade, also found that employers are expanding workplace wellness programs beyond retirement planning to address a wider range of financial topics. For example, 45% of employers now offer support to develop good financial habits, up from 39% in 2020, and 42% offer access to financial products or services, up from 33% in 2020.
Corporate Employee Banking and Investing was launched nationally in 2020 as part of the company’s broader Financial Life Benefits® program. Financial Life Benefits offers a suite of workplace benefits and solutions designed to help meet the near- and long-term financial needs of employees. This complete offering brings together traditional financial benefits – including retirement plans2, health savings2, equity compensation2 and non-qualified deferred compensation plans2 – with a range of banking and lending capabilities from Bank of America and investing capabilities from Merrill to help address employees’ financial needs more comprehensively.
“With Financial Life Benefits, employers are helping their employees plan, save and take control of their financial future through a more complete set of tools and resources,” said Lorna Sabbia, Head of Retirement and Personal Wealth Solutions at Bank of America. “The demand we’re seeing here highlights the importance of financial wellness for both employers and employees, as well as the need for financial education and solutions to support employees’ entire financial journeys.”
Today, 95% of the U.S. Fortune 1,000 companies have a relationship with Bank of America. In addition, the company serves approximately one in five U.S. middle market companies, as well as more than 3 million small business owners.
“Our corporate and commercial clients appreciate working with a single provider who understands the unique needs of their company and their employees,” said Wendy Stewart, President, Global Commercial Banking. “By helping employers connect their employees to a range of integrated benefit plans and financial services, we’re creating convenience for our clients and a better experience for their workforces.”
Learn more at www.benefitplans.baml.com.
Escalent surveyed a national sample of 1,363 employees who are working full-time and participate in 401(k) plans, and 834 employers who offer both a 401(k) plan and have sole or shared responsibility for decisions made in the plan. The survey was conducted between December 28, 2020 and February 8, 2021. To qualify for the survey, employees had to be current participants of a 401(k) plan and employers had to offer a 401(k) plan option. Neither was required to work with Bank of America Merrill Lynch. Bank of America Merrill Lynch was not identified as the sponsor of the study. Bank of America Retirement & Benefit Plan Services empower employers and employees to take action and work toward their financial goals today and into retirement.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 33 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Retirement and Personal Wealth Solutions is the institutional retirement business of Bank of America Corporation ("BofA Corp.") operating under the name “Bank of America.” Investment advisory and brokerage services are provided by wholly owned non-bank affiliates of BofA Corp., including Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”), a dually registered broker-dealer and investment adviser and member SIPC.
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Andy Aldridge, Bank of America
Don Vecchiarello, Bank of America
1 Bank products are available from Bank of America, N.A., and affiliated banks.
2 Investment products are available from Merrill Lynch, Pierce, Fenner & Smith Incorporated.