Celebrates 100th Year of Supporting the Military
This month, Bank of America surpassed its five-year goal to hire 10,000 veterans, national guard and reservists. This hiring goal was set to address the unique challenges military personnel face in finding employment after service. The company remains committed to continuing to attract, develop and retain military talent. In addition to this milestone, Bank of America will celebrate 100 years of supporting the military later this year – a tradition that started in July 1920 when the company began providing financial services and products for service members and their families at the Fort Sam Houston base in Texas. Bank of America currently operates overseas military banking facilities in 10 countries, including 62 financial centers and 274 ATMs.
“Our support of veterans, service members and their families is a huge part of who we are. We remain steadfast in our commitment to hiring and serving military personnel who contribute so much to our company, our communities and our country,” said Brian Moynihan, CEO of Bank of America.
Since 2009, Bank of America has provided more than $21 million to military nonprofits – including Student Veterans of America, USO, and Institute for Veterans and Military Families – to address the needs of military families. Other financial support includes:
Recognizing the unique skills and experiences that military talent brings to the company, Bank of America has dedicated military hiring, learning and support resources as veterans and their spouses join the company, relocate or deploy. These include:
External research indicates that 65-80 percent of veterans leave their first post-military job near the two-year mark. Although not all veterans at Bank of America are in their first civilian role, the company’s two-year attrition rate is lower than this industry benchmark. Further, Bank of America’s annual employee engagement scores indicate year-over-year improvements for its veterans, with scores on average or higher than their teammates.
In 2019, in collaboration with the President’s Roadmap to Empower Veterans and End the National Tragedy of Suicide (PREVENTS) Executive Order Task Force, Bank of America joined a cross-sector commitment to emotional wellness and mental health by signing the Workplace Pledge. The pledge prioritizes mental health in the workplace with a specific focus on veterans and is coordinated by the U.S. Chamber of Commerce and the Department of Veterans Affairs. With approximately 1 million service members expected to leave the military over the next five years, Bank of America is committed to doing even more to help make veterans’ transitions successful. This includes:
Learn more about Bank of America’s support and commitment to service members, veterans and their families.
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 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,800 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 2,000 business centers; approximately 16,800 ATMs; and award winning digital banking with approximately 38 million active users, including approximately 29 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 approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Bank of America, N.A. Member FDIC© 2020 Bank of America Corporation.
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Reporters May Contact:
Liz Wright, Bank of America