Bank of America has once again been named as a global leader in supporting the development and success of women in the workplace. The company announced today that it has been included in the 2017 Bloomberg Financial Services Gender-Equality Index (BFGEI), an annual listing of companies demonstrating leadership in their policies, practices and disclosures in support of gender equality.
Bank of America’s inclusion in the BFGEI is the latest recognition of its commitment to gender equality and the development of women at the company and around the world. Bank of America was also recently named as the Best Bank for Diversity by Euromoney, ranked as one of Working Mother magazine’s 100 Best Companies for the 28th consecutive year, and had five senior executives ranked among the top women in banking by American Banker magazine.
“Investing in women is an investment in the future. We work every day in support of gender equality – helping connect women to the opportunities, tools, resources and financial solutions they need to succeed,” said Anne Finucane, vice chairman. “This work reflects our strategy of responsible growth and our focus on environmental, social and governance (ESG) factors.”
“The way we value and support our teammates is a reflection of who we are as a company,” said Sheri Bronstein, global human resources executive. “Our investment in helping women succeed is evident in our long-standing commitment to supporting women through our integrated efforts to hire exceptional women, and programs focused on retaining and promoting women.”
Bank of America was among 52 firms listed in this year’s index, based in part on its strong representation of women at all levels, talent development programs, industry-leading benefits, and leadership on gender issues in communities. The company’s scores in the BFGEI increased from 2016, when it was also named a leader in the inaugural index.
- Strong female representation: Women make up more than 50 percent of Bank of America’s global workforce, nearly 40 percent of its global management team, and nearly 30 percent of its board of directors, exceeding industry benchmarks for representation, including Oliver Wyman’s “Women in Financial Services 2016” Report and Mercer’s 2016 Global When Women Thrive Report. To further demonstrate its commitment to gender equality, Bank of America recently joined the Paradigm for ParitySM coalition, which is committed to achieving gender parity in corporate leadership by 2030.
- Recruiting and developing talent:Bank of America partners with more than 200 colleges and universities worldwide to recruit diverse talent and has a variety of development programs and business networks to help women advance in their careers. This includes the company’s Leadership, Education, Advocacy and Development (LEAD) for Women employee network, which has more than 25,000 members and is focused on attracting, developing, advancing and retaining female professionals. The company has also formed an Investing in Women Leadership Council, which brings together senior executives from across the company to lead and guide the company’s lines of business, Global Diversity and Inclusion organization and other women-focused networks.
- Progressive workplace policies and benefits: Bank of America’s benefits and programs are designed to support the diverse needs of its employees. In 2016, the company extended its paid parental leave, giving employees 16 weeks of paid maternity, paternity and adoption leave. The company also provides parents up to $240 reimbursement per month per child for eligible child care expenses, along with options for backup care. Employees who are caring for their aging parents also can take advantage of the company’s adult care services program, which offers resources, support and expertise to help employees manage these responsibilities.
- Advancing women’s economic opportunity: Around the world, Bank of America is working to empower women with solutions so they can make significant contributions in their communities and to our global economy. Through its partnership with the Tory Burch Foundation Capital Program, Bank of America has provided $20 million in affordable loans to women business owners across the U.S. since 2014. The company also has partnered with the Institute for Economic Empowerment of Women (IEEW) and its PEACE THROUGH BUSINESS® training and mentorship program to help educate women entrepreneurs in Rwanda and Afghanistan about strengthening their businesses and communities. The company also partners with Vital Voices and the Cherie Blair Foundation to connect nearly 2,000 women entrepreneurs from more than 80 countries with mentors – 200 of whom are mentored by Bank of America employees. Through its Supplier Diversity Program, the company has spent $2.5 billion supporting the growth of businesses owned by minorities, individuals with disabilities, veterans, women and the LGBT community.
To be considered, Bank of America completed a survey created by Bloomberg in partnership with third-party experts, including Women’s World Banking, Catalyst and Working Mother Media. Those included on this year’s index scored at or above 60 points, a global threshold established by Bloomberg.
“We are encouraged by the significant expansion of this year’s index, and by the leadership each of our member firms has demonstrated,” said Peter T. Grauer, chairman of Bloomberg and founding chairman of the U.S. 30% Club. “Their commitments to building diverse and inclusive work environments are setting new standards around the globe and raising awareness around the challenges all of our organizations face.”
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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 46 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 15,900 ATMs, and award-winning online banking with approximately 34 million active accounts and nearly 22 million mobile active 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 in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.