Bank of America Hires 4,700 Individuals From Low- to Moderate-Income Communities
April 23 2019 - 9:00AM
Business Wire
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 AcademyThe 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 AmericaBank 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.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email alerts.
www.bankofamerica.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190423005200/en/
Reporters May Contact:Kate Murphy, Bank of America,
1.980.387.0914kate.murphy@bankofamerica.com
Betty Riess, Bank of America,
1.415.913.4416betty.riess@bankofamerica.com
Bank of America (NYSE:BAC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bank of America (NYSE:BAC)
Historical Stock Chart
From Sep 2023 to Sep 2024