In a bold move to enhance economic opportunities across the nation, Bank of America has announced its commitment to hiring 10,000 individuals with military backgrounds over the next five years. This strategic initiative aims to strengthen the bank’s focus on skills-based hiring and support the growth of the U.S. economy.
Additionally, Bank of America has pledged to increase its hiring efforts from community colleges, promising 8,000 new hires within the same timeframe. The initiative will also see the creation of 700 financial center jobs in new growth markets across the country.
“This is part of our ongoing effort to expand economic opportunity,” said Sheri Bronstein, Chief People Officer at Bank of America. The bank previously announced a minimum wage increase, reinforcing its commitment to fostering an inclusive workforce.
The commitment to veterans is particularly noteworthy. Since 2015, Bank of America has hired over 20,000 veterans and individuals with military backgrounds, and this latest goal will bring the total to more than 30,000. The bank offers a veteran onboarding program that pairs new hires with mentors, helping them transition into civilian roles. Furthermore, the Military Support & Assistance Group within the company boasts 43 chapters and over 22,000 members, providing networking and mentoring opportunities for military employees and their families.
In its recruitment strategy, Bank of America will also double its annual hiring from community colleges from 800 to 1,600 over the next five years. This recognition of community colleges underscores their critical role in equipping local talent with the skills needed for today’s workforce.
To support this influx of new hires, the Bank of America Academy provides structured programs and resources designed to foster skill development and career advancement. This commitment to employee growth ensures that new teammates have the training and opportunities necessary to succeed and thrive within the organization.
As part of its local market expansion, Bank of America will continue to establish financial centers in states including Alabama, Idaho, Louisiana, and Wisconsin. This expansion is projected to create 700 new jobs and supports the opening of 26 Financial Centers in the coming 18 months, with an additional 37 centers scheduled for 2027.
Bronstein emphasized the importance of attracting a diverse range of talent, stating, “Our commitment to hire individuals with a broad range of skills and experiences is key to how we recruit talent to best serve our clients. It also opens doors to create economic growth in our communities.”
Bank of America’s approach to skills-based hiring and workforce development highlights its dedication to not only supporting its employees but also contributing to the economic vitality of the communities in which it operates.