CHARLOTTE, NC – Bank of America today announced an increase to its military hiring, committing to add 10,000 more individuals with military backgrounds over the next five years as the bank strengthens its focus on skills-based hiring and its commitment to creating new opportunities, and supporting the growth of the U.S. economy. The bank also said it plans to increase its hiring from community colleges, committing to 8,000 new hires over the next five years, and create 700 financial center jobs in new growth markets across the country.

This is the company’s latest step - following its minimum wage announcement earlier today - to expand economic opportunity nationwide. Bank of America is committed to a skills-first approach to hiring and investing in its people through a lifelong commitment to training and development via its Academy. The company’s focus on workforce development is reflected in its broad-based hiring practices, which includes hiring those who do not have four-year college degrees, military veterans, and individuals from community colleges.

Providing opportunities for Americans who have served our country

The bank’s increased commitment to hiring veterans and individuals with a military background is part of the company’s focus on providing opportunities for veterans transitioning to civilian life and new careers. This new goal will bring the total number of veterans the bank will hire to over 30,000 since first making this commitment in 2015.

• The company has hired more than 20,000 veterans and individuals with military backgrounds since 2015
• The bank’s veteran onboarding program partners newly hired veterans with a mentor to help ease them into civilian life
• Its Military Support & Assistance Group has 43 chapters and more than 22,000 members providing a community filled with development opportunities for military employees, their families and friends through networking, mentoring, volunteer events and information forums.

Attracting talent

As part of the company’s recruitment process, Bank of America will double its annual hires from community colleges from 800 to 1,600 over the next five years – 8,000 in total – recognizing the vital role these local institutions play in providing opportunities for their communities and preparing skilled talent for the workforce.

• Community colleges are providing a pipeline of talent with the skills needed to meet current and future entry level needs

Once hired, our Academy offers structured programs, on-demand education, and a wide array of tools and resources to help teammates develop their skills and grow and succeed in their careers.

Local market expansion

The company is expanding its financial center network in new growth markets, including Alabama, Idaho, Louisiana and Wisconsin.  This investment will lead to 700 jobs in centers in these locations and further supports its commitment to driving economic growth and creating jobs at the local level. 

• The jobs will support the opening of 26 Financial Centers over the next 18 months and 37 Financial Center openings in 2027 across these states. 
• Many teammates begin their careers in Financial Centers and, because of the bank’s investment in skills-based training and a culture rooted in opportunity, have the opportunity to grow and progress into leadership roles.

“Our commitment to hire individuals with a broad range of skills and experiences is key to how we recruit talent to best serve our clients,” said Sheri Bronstein, Chief People Officer at Bank of America.  “It also opens doors to create economic growth in our communities and opportunities for our teammates as they advance in their careers.”

Bank of America has a proven track record of attracting and retaining top talent while maintaining headcount discipline. The company does not currently expect this commitment to materially impact the size of its workforce.

Investing in teammates’ long-term career growth

Once new teammates are hired, the bank focuses on the specific skills, training and experiences needed for employees to succeed in their role, go on to pursue other opportunities at the bank, and achieve their full potential. The Bank of America Academy offers structured programs, education, tools, and resources to help colleagues develop their skills and grow their careers. When they are ready for a new role, the bank provides further high-quality training, job coaching and access to opportunities.

This combination of skills-based training, world class benefits and employee programs, and its Great Place to Work culture, helps to empower individuals to grow and thrive, support their families, and strengthen the communities where they live and work.  

Bank of America

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 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital 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 4 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 more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

Reporters may contact

John Yiannacopoulos, Bank of America
Phone: 1.646.855.2314
john.yiannacopoulos@bofa.com