On the occasion of the “National Workforce Development Month,” Bank of America, also known as BofA or BOA, announced on Thursday, September 24th, that it will expand its skills-based recruitment program. They plan to hire an additional 1,000 apprentices over the next two years and invest $150 million in workforce development organizations over the next five years to promote job growth across the United States while strengthening local economies.
The newly committed 1,000 apprentices will be distributed in personal banking, technology, operations, and other core business areas, adding to the bank’s annual intake of over 800 apprentices.
Simultaneously, the $150 million investment over five years will be used to support training institutions nationwide in providing workers with the essential skills demanded by the market. This initiative builds upon the bank’s nearly $40 million investment in this field in 2025.
Brian Moynihan, Chairman and CEO of Bank of America, stated that the program aims to help cultivate a “future-focused American workforce of skilled labor” and commended the reform spirit brought by the Department of Labor.
Acting Secretary of Labor, Keith Sonderling, also expressed his approval, emphasizing that this will enable American workers to build successful careers without needing to leave their hometowns.
Currently, around 40% of the new hires at Bank of America do not hold a bachelor’s degree. In addition to the apprenticeship program, the bank has pledged to recruit 10,000 individuals with military backgrounds and 8,000 community college talents over the next five years.
Furthermore, the bank has instituted a minimum wage guarantee, ensuring an hourly rate equivalent to an annual salary of at least $50,000. They also offer skill enhancement and retraining in new technologies like Artificial Intelligence (AI) through their internal institution, “The Academy.”
Last month, the bank also announced a $250 billion infrastructure financing plan and expects to hire nearly 4,000 interns and recent graduates this year.