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Bank of America Issues 2020 Human Capital Management Report

Company Releases Second Annual Report; Details Progress Across Diversity, Benefits and Employee Engagement Amid Global Health Crisis

Bank of America published its 2020 Human Capital Management Report, which provides the latest information and progress against its continued focus to be a great place to work for its more than 200,000 teammates around the world.

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“Our focus on being a great place to work has never been more important. While our teammates are focused on supporting our clients and communities, we’re focused on supporting them and their families, making sure they can be their best both at work and at home”

Building on the company’s inaugural Human Capital Management report last year, the 2020 report details the many programs and resources, as well as supporting data, across Bank of America’s primary focus areas including: being a diverse and inclusive workplace; attracting and retaining exceptional talent; providing holistic benefits supporting teammates’ physical, emotional and financial wellness; and recognizing and rewarding performance.

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“Since our initial report, we have taken extensive steps to care for the health and safety of our teammates during the unprecedented health crisis, including expanding and enhancing employee benefits and resources,” said CEO Brian Moynihan. “We have also built on work we have had underway throughout our company’s history to ensure a diverse and inclusive workplace, and have seen increases in diverse representation in nearly every area.”

In addition, Bank of America continues to share metrics on diverse representation across the company, a practice the bank has had in place for many years prior to last year’s inaugural report. Specific highlights of what’s new this year include:

  • Additional disclosures related to Black/African American and Hispanic/Latino representation throughout the report.
  • Increases in the representation of women and people of color in nearly every category across the company since 2018 (the exception being women in the top three levels of our company, which remains at 41%).
  • One of the most diverse classes of campus new hires ever – 45% women, 13% Black/African American and 14% Hispanic/Latino.
  • Progress in lines of business, including wealth management, which has seen increases in the percentage of women, people of color, Black/African American and Hispanic/Latino employees.

“Our focus on being a great place to work has never been more important. While our teammates are focused on supporting our clients and communities, we’re focused on supporting them and their families, making sure they can be their best both at work and at home,” said Chief Human Resources Officer Sheri Bronstein.

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