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.