The Women in Finance Charter: Pledging our commitment to gender equality

Launched by the UK government in 2016, the Women in Finance Charter aims to improve gender diversity in UK financial services. As part of our global commitment to making Bank of America a great place to work, we invest in women at all levels of the company globally and our efforts across Europe, the Middle East and Africa (EMEA) align with the spirit of the UK Charter. We have targeted the achievement of 28% female representation in senior management roles across the EMEA region by the end of 2021.

“We are committed to creating a great place to work where everyone feels appreciated, supported and engaged through each stage of their career. This commitment is reflected in our drive for diversity and inclusion – diversity of gender identity, sexual orientation, thought, style, race, ethnicity, culture and experience. We know that it is this diversity that makes us stronger as a company, helps us to drive responsible growth and enables us to serve the unique needs of our clients around the world.” – Bernard Mensah, President UK & CEEMEA at Bank of America.

2018 Progress
Through our continued investment in women’s advancement, we are pleased to report that we are making progress towards our 2021 objective however, as an organization we recognize that in order to achieve our goal we must continue to focus on our efforts to increase gender diversity.

  • At the senior levels of managing director and director, the proportion of women recruited to our EMEA business has continued to increase, from 27% in 2017 to 32% in 2018.
  • Between 2016 and 2018, 238 of our mid-level women participated in our award-winning Pathways to Progression programme – an EMEA-wide initiative which targets vice president level women to increase retention, engagement and accelerate their careers. Of those who have participated so far, a third have been promoted.
  • Our Returning Talent programme launched in London in 2012 continues to expand.  Since then, we have run 13 programmes in London, Chester and Dublin. More than 500 women and men have participated, with many going on to secure roles with us or at other firms. This programme provides participants with knowledge, skills and connections that support their return to the workplace.

External Recognition:

Our work to support gender equality has been well-recognized through our inclusion on the Bloomberg Financial Services Gender-Equality Index (2016, 2017, 2018 and 2019), being named the World’s Best Bank for Diversity by Euromoney in (2016, 2018 and 2019) and receiving the 2019 Brandon Hall award for our Pathways to Progression programme.

Aspiration and Ambition

At Bank of America, we have a long history of supporting women as they advance their careers. Our ongoing work to invest in women as they make meaningful contributions within our company and in our communities includes our focus on being a great place to work for our female employees, making the financial lives of our female clients better and advancing the economic empowerment of women in communities around the world.

Key Initiatives
With a continued emphasis on identifying, developing and retaining female talent across our company, we run a variety of programmes that support the career progression, learning and development, and sponsorship of women from entry through to senior levels.

Attraction and Recruitment
We are committed to bringing more women into financial services at a senior level, and into roles that offer the prospect of significant progression.

  • We actively attract women from schools and universities from across EMEA to join our female-specific insight programmes, Female Futures and Females in Finance, which provide a pipeline of female entry-level talent.
  • Our Talent Acquisition team works with suppliers to build diverse talent pools and pipelines.
  • Our Returning Talent programme in the UK and Ireland reflects our innovative approach to recruitment, inviting women and men who have been out of work for more than a year to explore the changing workplace, build professional connections and access executive coaching.

Development and Engagement
We are committed to developing and retaining female talent by building a supportive culture and creating opportunity for all.

  • We deliver a far-reaching range of programmes designed to advance and develop careers at all levels. These include targeted career support for female employees; access to and sponsorship by senior executives; and specific programs to increase retention, engagement and accelerate the progression of women within our workforce.
  • Through Manager Excellence training content – covering diversity and inclusion, engagement, career coaching and teamwork – we discuss the important role that managers play in driving an inclusive workplace.
  • Our annual Global Women’s Conference convenes top female leaders and supportive male colleagues to discuss business imperatives, leadership, career advancement and community.

Our family friendly and wellness resources support work/life balance
We deliver on our commitment to be a great place to work by being an inclusive workplace for all our employees around the world, creating opportunities for teammates to develop and grow, recognising and rewarding performance and supporting employees’ physical, emotional and financial wellness.  Through this lens and reflecting our commitment to be a great place to work, we provide a wide variety of benefits and resources so employees can choose what’s best for them personally and professionally.

  • We offer paid family leave (maternity, paternity, adoption and shared parental leave) above statutory entitlement; tuition reimbursement; back up family care programmes and, wherever practicable, flexible working arrangements to help employees balance their work and personal lives. In the UK and Ireland, new and expecting parents are offered coaching and transition support prior and post leave.
  • We offer personalised, one-on-one support through our Life Event Services team that provides access to resources, benefits and counselling to help navigate major life events.
  • We have enterprise and line of business employee networks and career development programmes to empower women to do their best work, further develop skills to grow into future roles and connect with teammates.

Equal pay for equal work
We believe in fair and equitable pay based on performance, with equal pay for equal work, regardless of gender.

  • We maintain robust policies and practices reinforcing our commitment to equal pay for equal work, including analyses and reviews with oversight from our Board and senior leaders.
  • We have had a rigorous process and analysis from outside experts in place for over a decade which examines employee pay before year-end compensation decisions are finalised, and we adjust compensation where appropriate.
  • In 2018, we continued to enhance our efforts to compensate our employees fairly and equitably. We expanded our review from the U.S. and U.K. to include France, Ireland, Hong Kong, Singapore —covering our regional leadership hubs. Our review now covers 82% of our global workforce. Results of this review of employee total compensation showed that compensation received by women is on average greater than 99% of that received by men.

Supporting women in the community
We recognize that gender equality is an issue that reaches beyond Bank of America and the broader financial services sector. That is why we are committed to advancing and inspiring women outside our organization.

  • Women play a significant role in advancing economic growth within their communities and in the global economy. Through a variety of programmes we connect women to the capital, resources, networks and mentoring needed to help them achieve success. Community partners include Inspiring the Future, STEMettes, Code First Girls and the Cherie Blair Foundation
  • Our Global Ambassadors Program invests in emerging female leaders around the world, matching women with world-class mentors including members of our global and regional management teams.

10/28/19


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