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Bank of America Surpasses Goal to Hire 10,000 From Low- to Moderate-Income Areas, Sets New One for 2025

By: Caroline Hudson on Sep 30, 2021

Bank of America Corp. (NYSE: BAC) has exceeded a five-year goal to hire 10,000 people from low- to moderate-income communities.

The Charlotte-based bank has drawn talent through its Pathways program, which connects with nonprofits — such as Year Up, UnidosUS and the National Urban League — to offer training and job opportunities. BofA said today the Pathways program is expanding companywide with a pledge for another 10,000 LMI hires by 2025.

The bank made its initial commitment in 2018 to hire those 10,000 people in a five-year period. As of spring 2019, it had already hired about 4,700 people for consumer and small-business positions.

BofA said it has focused hiring efforts in five markets: Los Angeles, New York City, Phoenix, Dallas/Fort Worth, Texas, and Orange County, California. A spokesperson could not provide the breakdown for Charlotte-area hires.

“This work furthers the bank’s long-standing commitment to creating equal employment opportunities for all by building a strong, diverse talent pipeline through hiring and recruiting, including from LMI neighborhoods, continuing our ability to mirror the clients and communities we serve," said Sheri Bronstein, BofA's chief human resources officer, in a news release.

Last year, BofA surpassed a separate five-year goal to hire 10,000 veterans, National Guard troops and reservists.

Pathways participants go through training at The Academy, which offers professional development resources through interactive labs, virtual reality, client engagement simulators and coursework.

Lizette Gomez, an east Charlotte resident, participated in the first Year Up cohort here to land her current role as a business control specialist with BofA's technology team. She joined the bank as an intern a couple of years ago. Gomez completed Year Up's application development track, delving into coding, programming and even soft skills. She recently graduated with an associate degree in computer science from Central Piedmont Community College.

Gomez said Year Up accelerated her career trajectory. She is transferring to UNC Charlotte for a coding bootcamp. She said she would encourage others to sign up for the experience — one that fosters economic mobility for future generations.

"It's there on our plate. I feel we should definitely indulge in it," Gomez said. "I come from parents who migrated from Mexico to the U.S., so I'm the first generation, so I am definitely proud to be a representative of the Hispanic/Latino community. ... We're definitely surrounded by other peers and everyone brings their unique backgrounds."

BofA is Charlotte's largest bank by deposits. It employs about 16,000 people here.

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