Bank of America will hire 10,000 people from low- and moderate-income markets over the next five years in its consumer and small-business banking division.
The Charlotte, N.C., company unveiled the new initiative Friday and said it plans to work with nonprofit partners to build pipelines of local talent across its various markets. The $678 billion-asset Bank of America estimated that about one-third of its 4,400 branches are in low- to moderate-income neighborhoods.
“By hiring from the communities we serve and helping our teammates develop their careers at the bank, we are helping our clients — and employees — lead better financial lives,” Dean Athanasia, president and co-head of Consumer and Small Business, said in a press release.
Some of the bank’s nonprofit partners, such as Year Up and UnidosUS, work with adults looking for full-time employment, while others, including the Boys & Girls Clubs of America and Urban Alliance, focus on helping younger people build career skills.
Bank of America also said it will send candidates through its in-house training and career development program, which it calls the Academy. That program, which it said is “like a university within the company,” includes instruction from subject matter experts, peer mentors and hands-on learning.
“By investing in developing our current and future workforce at all points along their career journeys, we deliver on being a great place to work,” said John Jordan, head of the Academy and adviser development.
Bank of America said that last year it sent 25,000 of its employees through training at the Academy.