Bank of America Surpasses Five-Year Goal to Hire 10,000 Veterans
February 04 2020 - 09:00AM
Business Wire
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:
- Veteran Entrepreneur Lending Program: The $20
million program connects U.S. military veteran business owners with
affordable capital to help kick-start and grow their
businesses.
- Veteran Small Business Capital: Through bank and CDFI
(community development financial institutions) resources and
expertise, the company provides capital for military-, veteran- and
family-owned small businesses.
- Property Donation Program: More than 2,400 properties
have been donated to nonprofits supporting military service
members.
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:
- Military Talent Acquisition Team: Through partnership
with military nonprofits – including Wounded Warrior Project,
Hiring Our Heroes, and Goodwill – the team attracts new talent to
the company.
- Veteran Development Program: This program helps veterans
connect with senior leaders and build business acumen. Hundreds of
veterans also participate in line-of-business military leadership
programs to support their professional development and career
growth. Today, more than 500 veterans and military spouses hold
leadership positions at the company.
- Military Support and Assistance Group: More than 11,000
teammates are members of this employee network. With 43 chapters
throughout the U.S. and the U.K., the network provides development
opportunities for military employees and their families, through
networking, mentoring, volunteering and information forums.
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:
- Online Support Services: The Military Transition and
Career website offers veterans and their spouses programs,
resources and learning tools that address common challenges these
men and women face when transitioning from military service to
civilian life. These include local and national support for mental
wellness initiatives, financial education, and capital
deployment.
- Leadership Support: Dedicated leaders in the Military
Affairs team play a key role in ensuring veterans’ successful
integration into the corporate workplace.
- Life Event Services: This team helps veterans and their
families navigate significant life events as they join the company,
relocate or take military leave.
Learn more about Bank of America’s support and commitment to
service members, veterans and their families.
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
4,300 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.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
www.bankofamerica.com
Bank of America, N.A. Member FDIC© 2020 Bank of America
Corporation.
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Reporters May Contact: Liz Wright, Bank of America,
1.646.855.3302 elizabeth.i.wright@bofa.com
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