The Company Continues to Be Honored for Its
Ongoing Investment to Support the Development and Success of Women
in the Workplace and Advancing Economic Empowerment for Women
Bank of America today was named the 2019 Catalyst Award winner
by Catalyst, a global nonprofit working with CEOs and leading
companies to build workplaces that work for women. The bank earned
the honor based on its ongoing efforts to be a great place to work
and to support the continued development, empowerment and
advancement of women in the company and around the world. For more
than 30 years, the Catalyst Award has recognized exceptional
efforts to accelerate progress for women in business.
The Catalyst Award announcement comes just one day after the
bank also was recognized for the fourth consecutive year as a
leader on the 2019 Bloomberg Gender Equality Index.
This continued recognition reinforces the bank’s commitment to
invest in women as they make meaningful contributions within the
company and their communities. Bank of America demonstrates this
investment with strong female representation at all levels of the
organization — women make up more than 50 percent of its global
workforce; more than 40 percent of its managers; more than 40
percent of its global management team; and more than 30 percent of
its board of directors.
“Bank of America has a long-standing history of supporting
women’s economic empowerment and leadership, both inside and
outside of our organization. By creating a workplace where all
employees can bring their whole self to work, we’re creating an
environment where everyone can succeed and deliver for our
customers and clients,” said Sheri Bronstein, global human
resources executive. “Being named the Catalyst Award winner is
reinforcement of the emphasis we’ve put on diversity and inclusion
as part of our efforts to be a great place to work and help drive
responsible growth.”
As part of its focus on being a great place to work and
delivering for its customers and clients, the company invests in
attracting diverse talent, creating opportunities for growth and
development, supporting physical, emotional and financial wellness,
and advancing economic mobility.
“We are committed to equality for the women in our company, and
women around the world,” said Brian Moynihan, CEO. “When we invest
in women leaders and make sure they have the right resources, they
have the power to achieve any goal. Whether it’s starting a
business, leading a Fortune 500 company, being there for their
family or making an impact in the community.”
Attracting and retaining diverse talent
Bank of America continues to attract diverse talent and provide
female employees the tools and programs to support their success.
The bank partners with more than 200 colleges, universities and
other organizations around the world to attract diverse talent. The
company’s recruiting initiatives increased the representation of
women across the company’s intern and full-time classes to over 40
percent.
Bank of America is committed to providing an inclusive and
rewarding experience for all, with fair and equitable pay. In
January 2018, the company announced the results of a compensation
review for U.S. and U.K. employees — approximately 80 percent of
its global workforce — which showed that, on average, compensation
received by women is equal to 99 percent of that received by men.
Results also showed that compensation received by minority
teammates, on average, is equal to 99 percent of non-minority
teammates. Bank of America has furthered its commitment to pay
equity by no longer asking candidates to disclose pay history in
the interview process.
Bank of America’s female representation and commitment to gender
equality and diversity have been recognized by numerous third
parties, such as:
- Bloomberg Financial Services Gender
Equality Index in 2016 and 2017.
- Bloomberg Gender Equality Index in 2018
and 2019.
- Fortune and Great Place to Work 2018
lists:
- Best Workplaces for Diversity
- Best Workplaces for Parents
- Best Workplaces in Financial Services
& Insurance
- Best Workplaces for Giving Back
- Euromoney as the Best Bank in the World
for Diversity in both 2016 and 2018.
- Working Mother as one of the 100 Best
Companies for 30 consecutive years.
Creating opportunities to grow and develop
Bank of America places an important emphasis on creating
opportunities for employees to grow, develop and build a career at
the company by investing in a variety of tools and resources, many
designed specifically for women and diverse groups. This
includes:
- Global Women’s Conference —
Brings together its top 300 leaders from around the world and all
lines of business as part of its commitment to develop and advance
women.
- Women’s Executive Development
Program — Leverages the faculty of Columbia Business School to
engage, develop, retain and support career advancement of
high-potential talent. The program offers a robust 10-month
experience, including assessments, in-person and ongoing virtual
development sessions, executive sponsorship and local market
engagement opportunities to advance the careers of female
participants.
- Diverse Leaders Sponsorship
Program — Identifies approximately 100 diverse employees as
part of an enterprise development program that includes the
alignment of senior leader sponsors to help participants advance
their careers.
- Women’s Next Level Leadership
Program — A seven-month virtual development experience focused
on the unique challenges multicultural women face in progressing
their careers, and provides strategies and tactics to overcome
those challenges.
In addition, Bank of America provides enterprise networks that
enable women to do their best work and develop the skills they need
to advance in their careers, including:
- Investing in Women Leadership Council —
Comprised of senior executives across the company who serve as
advisors and champions of the company’s efforts, working closely
with the lines of business, the Diversity and Inclusion
organization and other women-focused networks to maximize
impact.
- Leadership, Education, Advocacy and
Development (LEAD) for Women — Bank of America’s largest employee
network, with more than 29,000 members globally. The network
promotes professional interactions that help attract, develop,
retain and advance female professionals.
Bank of America also offers line-of-business forums focused on
women’s leadership and networking. These networks include:
- Women’s Exchange in Global Wealth and
Investment Management — A forum to share ideas and experiences,
offer support, to one another and promote personal, career and
leadership development.
- Women’s Leadership Council in Global
Banking and Markets — Connects women to drive business, attract
talent and inspire success.
- Women in Technology and Operations —
Provides connections across enterprise women’s initiatives and
targets opportunities to increase female representation.
- Power of 10 — A grassroots program that
encourages women to expand their career horizons by being mentored
and “pay it forward” by mentoring their own group.
Supporting physical, emotional and financial wellness
Bank of America’s approach to wellness focuses on more than just
physical health by also encompassing emotional and financial
wellness as vital parts of overall well-being. To achieve a
well-rounded approach to employees’ health, the company provides a
wide range of competitive and flexible benefits and programs to
support employees and their families — many of which are designed
to help female employees manage the demanding challenges of
professional and personal life. This includes the following U.S.
programs:
- Parental Leave — Provides 16 weeks of
paid leave and 10 weeks of unpaid time for a total of up to 26
weeks maternity, paternity or adoptive leave to bond with a new
child.
- Child Care Reimbursement Program —
Helps eligible employees offset child care expenses by providing up
to $240 per child, per month, in reimbursements for eligible child
care expenses.
- Back-Up Care Program — Provides access
to convenient backup care services when regular child and adult
care arrangements are temporarily unavailable.
- Adult Care Services Program — Provides
resources, support and expertise that can help employees manage
responsibilities of caring for a parent or other adult loved
one.
- Adoption Support — Reimburses up to
$8,000 of eligible expenses per child for domestic or international
adoptions.
- Paid Bereavement Leave — Provides up to
20 days of bereavement after the loss of a spouse, partner or
child.
- Flexible Work Arrangements — Provides
opportunities, such as flex time, compressed workweeks and reduced
hours to help manage life and work schedules.
- Fertility and Maternity Support —
Offers access to clinical specialist teams to help with fertility
and maternity benefits for those enrolled in Bank of America health
plans.
- Support for Nursing Mothers —
Reimburses costs associated with shipping breast milk back home to
a baby while away on approved business travel.
- Employee Assistance Program — Provides
six in-person confidential counseling sessions and unlimited phone
access, 24 hours a day, at no cost for employees and members of
their household.
- Benefits Education and Planning Center
— Offers access to licensed financial counselors for personalized
guidance on retirement planning and benefits coverage at no
cost.
Advancing economic opportunity and empowerment
Bank of America recognizes the vital role women play in driving
economic growth. The company has committed to connecting women
entrepreneurs and leaders around the world to mentoring, education
and technical assistance opportunities through its various
partnerships and programs. This includes:
- Bank of America Institute for
Women’s Entrepreneurship at Cornell — In collaboration with
Cornell University, the program offers free online learning and
credentials for women’s entrepreneurship.
- Women and Wealth Offering —
Through U.S. Trust, the offering focuses on addressing the specific
planning issues associated with managing wealth for women.
- Tory Burch Foundation Capital
Program — Powered by Bank of America, the program enables women
business owners to access affordable loans to grow their
businesses; to date, Bank of America has committed $50 million to
the program, and more than 1,800 women entrepreneurs across 16
states have received loans.
- Supplier Diversity Program —
Supports the growth of businesses owned by minorities, individuals
with disabilities, veterans, service-disabled veterans, women and
the LGBT community. Bank of America has spent more than $2.1
billion with diverse business through the program.
- Global Ambassadors Program (GAP)
— A partnership with Vital Voices, the Global Ambassadors Program
connects women leaders of social enterprises and small businesses
to women executives for mentoring to help them hone their skills
and realize their economic potential. Since 2012, the program has
engaged more than 100 women leaders from more than 60 countries,
providing 4,000 hours of mentoring expertise and connecting mentees
to a network of Bank of America coaches.
- Cherie Blair Foundation for Women’s
Mentoring Women in Business Program — This partnership
connecting women entrepreneurs around the world to online mentoring
is a combination of philanthropic funding and providing expertise
through more than 500 Bank of America employees who have
participated as mentors. The program has matched more than 2,000
women in developing and emerging countries to online mentors.
- Kiva — Through a partnership
with Kiva, Bank of America is making over $1 million available to
women business owners around the world. Thus far, our funding has
helped support more than 7,200 women entrepreneurs in more than 30
countries.
- National Association of Women
Business Owners (NAWBO) — Bank of America serves as the
presenting sponsor to help advance women toward greater economic,
social and political influence worldwide.
- Institute for Economic Empowerment
of Women’s (IEEW) PEACE THROUGH BUSINESS® — Bank of America
supports the training and mentorship program to educate women
entrepreneurs from Rwanda and Afghanistan on how to strengthen
their businesses and communities.
- Paradigm for Parity — With
support from Bank of America and other signatories, the
organization aims to achieve gender parity across all levels of
corporate leadership. Sheri Bronstein, Bank of America’s Global
Human Resources executive, serves on the organization’s steering
committee.
- U.S. 30% Club — Bank of America
is a member of a group of about 60 U.S. chairmen and CEOs who are
committed to better gender balance at all levels of their
organizations through voluntary actions.
- CEO Action Pledge for Diversity
& Inclusion — Bank of America played a signatory role in
the inaugural round of the pledge that commits to continue its
leadership role in making the financial sector more diverse and
inclusive, expand unconscious bias education within its
organization, and share best and unsuccessful practices with
peers.
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
4,300 retail financial centers, including approximately 1,800
lending centers, 2,200 Merrill Edge investment centers and 1,500
business centers; approximately 16,300 ATMs; and award-winning
digital banking with more than 36 million active users, including
over 26 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 more than
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
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version on businesswire.com: https://www.businesswire.com/news/home/20190117005210/en/
Reporters May Contact:Andy Aldridge, Bank of America,
1.980.387.0514andrew.aldridge@bankofamerica.com
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