Central to Bank of America’s strategy of sustainable Responsible Growth are the actions we take to be a great place to work for our teammates. Across the globe, to be a great place to work, we focus on providing an inclusive and rewarding experience for all employees.
Our company is committed to equal pay for equal work, including gender pay equity, by fairly and equitably compensating all of our employees. We maintain robust policies and practices that reinforce equal pay for equal work, including review and oversight from our Board and senior leaders.
We conduct annual analyses to examine individual employee pay before year-end compensation decisions are finalised, and we adjust compensation where appropriate. We believe our pay-for-performance approach, combined with our focus on workplace representation, will continue driving the advancement and representation of women in our company. Our strategy, programmes and actions are guided by our commitment to be part of a broader solution for gender equality, contributing to the advancement of women both within our workforce and in society as a whole. The results of our 2020 enterprise review of equal pay for equal work showed that compensation received by women was on average more than 99% of that received by men.footnote1
Bank of America Securities Europe S.A. (“BofA SE”) and Bank of America Europe Designated Activity Company, Paris branchfootnote2 (“BofA Europe DAC, Paris Branch”) are required to calculate and publish a Gender Equality Index for 2020. This has been achieved by reference to mandatory indicators (outlined below), performance against each of which lead to attainment of points, adding up to an overall score out of 100.
Pay gap between men and women
Difference in non-promotional pay increases between men and women footnote3
Difference in promotion related pay increases between men and women footnote3
Percentage of employees who receive a pay increase upon returning from maternity leave
Gender representation amongst employees in the top 10 highest paid positions
For 2020, the Gender Equality Index results are as follows:
BofA SE: 82 out of 100
BofA Europe DAC, Paris Branch: 75 out of 100
In our 2020 Human Capital Management Report you can learn more about our initiatives that help make Bank of America a great place to work, as well as additional steps we are taking to continue to build on our progress.