Bank of America Hires 4,700 Individuals From Low- to Moderate-Income Communities
On Track to Exceed 2018 Commitment to Hire 10,000 Individuals From LMI Neighborhoods in Five Years
Bank of America today announced it has hired 4,700 individuals from low- and moderate-income communities over the last 18 months, bolstered by the 2018 launch of its Pathways career program. Nearly 30 percent of the company’s Consumer business teammates come from LMI neighborhoods, and the company is on track to exceed its 2018 commitment to hire 10,000 individuals over five years from LMI neighborhoods it serves.
“Pathways helps people who may not have considered a career in financial services make a smooth transition,” said Gerald Chertavian, founder and CEO of Year Up. “The program gives talented and motivated individuals a range of career opportunities with Bank of America, with targeted and personalized training delivered from the outset and throughout their careers with the company.”
Each new employee receives at least 80 hours of training through The Academy – Bank of America’s award-winning, high-tech, personal training approach that equips employee participants with additional skills and resources they need to succeed, now and in the future. In 2018 alone, nearly 40,000 teammates participated in The Academy training, and another 10,000 advanced their careers within the organization. During the first five years, teammates may receive more than 1,000 hours of training, depending on their career path.
“Taking care of our clients starts with taking care of our teammates,” said John Jordan, head of The Academy at Bank of America. “The Academy gives new and existing employees the skills to succeed and a sense of pride in working here. We are pleased to be accelerating our efforts to improve the training and resources that we offer, giving our teammates the opportunity to achieve their career aspirations.”
Pathways is just one example of how Bank of America is connecting individuals in local communities to long-term careers at the bank. One aspect that is key to the program’s success is Bank of America’s relationship with nonprofits, such as Year Up and UnidosUS. Pathways is just one way the company reaches into the communities it serves to leverage those partnerships that help identify top talent.
Bank of America recently announced that it will raise its minimum wage to $20 per hour over a two-year period. The increase will occur in increments. On May 1, 2019, the minimum hourly wage will increase to $17, and will continue to rise until it reaches $20 in 2021. This is part of the company’s commitment to being a great place to work and delivering sustainable, responsible growth through competitive benefits and programs that support the diverse needs of its 205,000+ employees.
The Academy is Bank of America’s world-class training and career development program that equips Consumer and Small Business and Merrill teammates with the skills and resources they need to succeed in their careers. The Academy offers instruction from subject matter experts, protected training time, peer mentors, immersion programs, hands-on experiential and online learning that is more high-touch and personal. With more than 50 Academy programs in place, teammates have received more than 6.5 million hours in onboarding training and up-skilling since early 2018. To learn more about The Academy, visit go.bofa.com/CareersAcademy.
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 66 million consumer and small business clients with approximately 4,400 retail financial centers, including approximately 1,800 lending centers, 2,200 financial centers with a Consumer Investment Financial Solutions Advisor, and 1,500 business centers; approximately 16,400 ATMs; and award-winning digital banking with more than 37 million active users, including over 27 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.