Euromoney named Bank of America as the world’s best bank in the publication’s annual Global Awards for Excellence competition.
The overall “world’s best bank” honor is the highest award bestowed by Euromoney. It acknowledges Bank of America’s strong financial performance; clearly differentiated business model; ability to adapt to changing market and regulatory conditions; innovation; and track record of delivering for shareholders and clients.
“Bank of America today looks like the template for modern-day banking,” Euromoney said. “The belief articulated relentlessly by Chairman and Chief Executive Officer Brian Moynihan and his team since 2015 is that it must pursue only responsible growth. That means managing risk and broadening and deepening relationships with chosen clients, rather than seeking every dollar of revenue available from selling products. And it is benefitting from a ruthless drive for operational excellence.
“In the first three months of this year, Bank of America enjoyed the most profitable quarter in its history, with net income of $6.9 billion, 30 percent ahead of the year before. Investors now get it.”
Euromoney announced the award at a ceremony on Wednesday, July 11 in London.
“This recognition reflects on our 200,000 Bank of America teammates, and the range of recognition we received in many areas reflects our approach to responsible growth: serving our clients, investing in our team to be the best place to work, investing in our capabilities to sustain our growth,” Moynihan said. “We are focused on helping people, companies, and institutions live their financial lives through the power of every connection we can help them make.”
The diversity and inclusion honor marks the second time Bank of America has received this award since Euromoney created it three years ago.
When naming Bank of America the world’s best bank for diversity, Euromoney pointed out how the bank’s diversity numbers demonstrate its commitment — women make up more than 50 percent of its global workforce, more than 40 percent of its global management team, and more than 30 percent of its board of directors, with more than 40 percent of its U.S. workforce also being racially and ethnically diverse. Euromoney also noted Bank of America’s public disclosure earlier this year on pay equity, one of the first banks to do so. In the disclosure, Bank of America shared that women and minority teammates make 99 percent of what men and non-minority teammates earn. Bank of America also recently announced measures to continue to focus on pay equity, announcing in March that it would no longer ask for pay history in its hiring process to help ensure new hires are considered based on individual qualifications, roles and performance, rather than how they may have been compensated in the past.
“We remain committed to being a great place to work, which is a core element to driving responsible growth,” said Sheri Bronstein, global human resources executive. “Our focus is on creating an environment where all of our teammates have the programs, benefits and support they need to be successful, which ultimately helps our customers and clients succeed.”
Bank of America received 11 other awards from Euromoney during the ceremony.
North America's best digital bank
North America's best bank for financing
North America's best bank for small and medium-sized enterprises
North America's best bank for sustainable finance
Latin America’s best investment bank
Latin America’s best bank for corporate social responsibility
Western Europe’s best bank for transaction services
Asia’s best bank for corporate social responsibility
Argentina’s best investment bank
Peru’s best investment bank
The Netherlands’ best investment bank
The Euromoney Awards for Excellence were established in 1992 and are the global benchmark for the banking industry.
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 47 million consumer and small business relationships with approximately 4,400 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 36 million active users, including 25 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 owners 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 (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters May Contact:
World’s Best Bank award:
Victoria Garrod, Bank of America
Diversity and Inclusion award:
Andy Aldridge, Bank of America
Corporate and investment banking awards:
John Yiannacopoulos, Bank of America
Environmental, social and governance awards:
Liz Wright, Bank of America