Bank of America Ranked 3 in 2013 DiversityMBA 50 Out Front Companies for Diversity Leadership

Bank of America #3

Charlotte, N.C.
CEO: Brian T. Moynihan
CDE: Geri Thomas
248,176 employees

Bank of America’s website makes it clear how central diversity and inclusion is to its operations: “At Bank of America, we embrace the power of our people and value our differences — in thought, style, sexual orientation, gender identity, culture, ethnicity and experience — recognizing that our diversity makes us a stronger company. Encouraging a diverse, inclusive workplace gives us the business advantage of understanding and meeting the needs of our diverse customers, clients and communities.”

The emphasis on diversity is reflected in its workforce: More than 47 percent of officials and managers at Bank of America are female and 29 percent were minority, according to the most recent figures on the bank’s web site. Women account for more than 39 percent of professionals at BofA and about 29 percent are minorities. For technicians, nearly 35 percent are women and about half are minorities.

BofA leaders believe that diverse backgrounds and experiences make the company stronger and the company is committed to respecting every individual and valuing differences – in thought, style, culture, ethnicity and experience.

Bank of America leaders say they promote advancement through rigorous talent and succession planning, performance management and individual development programs. The company works toward these goals through a web of interrelated initiatives. At the core of its efforts are four areas of focus: recruiting and retaining diverse talent; maintaining relationships with diverse suppliers; offering products and services to meet the diverse needs of customers; and philanthropy, including support for underserved communities.

BofA also partners with numerous global and national diversity and affinity organizations to support its efforts to attract the best talent, educate its existing workforce and create a more inclusive environment. During the year, the bank supports and participates in recruiting events worldwide. In addition, campus recruiting teams visit colleges and universities across the globe in search of talent to hire for internships and for the bank’s associate programs.

They also have a military and veteran recruiting team that partners with a variety of organizations and attends job fairs to find talented military service members, military spouses and veterans to join the company.

This year, the Bank of America Charitable Foundation will issue three requests for proposals (RFPs) on the priority-focus areas of: workforce development/education, community development and critical needs. It will spend $200 million on community redevelopment.

Other efforts include a Global Diversity & Inclusion Council, which is chaired by CEO Brian Moynihan. The GDIC consists of senior executives from across Bank of America who set the strategic agenda for diversity and inclusion.

A Global Diversity & Inclusion Organization is led by Chief Diversity and Inclusion Executive Geri Thomas, who partners with internal lines of business and regions to develop diversity and inclusion strategies, recruit diverse talent and manage external market engagement through diversity sponsorships and strategic alliances. BofA also actively supports employee engagement through management of the bank’s global employee networks.

Every Bank of America business and region has its own Diversity & Inclusion Council, which drives strategies that promote engagement, recruitment, development, education and awareness to affect diversity and inclusion efforts within each business and region.

In addition, there are 11 cultural- and issue-oriented employee networks with nearly 200 chapters worldwide. These enhance opportunities for employee development through networking, mentoring and information forums.

The bank’s website sums it up: Bank of America not only has a “proud history of promoting diversity and inclusion” but an “ongoing dedication” to that goal.

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