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Increasing the representation of veterans in our workforce

A military background is a great fit for a successful and rewarding career at Bank of America. After completing our five-year goal of hiring 10,000 military veterans ahead of schedule, we continue to actively focus on recruiting and retaining veterans who bring leadership and skills that strengthen our company. As of July, we have hired more than 2,600 individuals with a military background, which is more than 15% of all U.S. external hires as of July 2022. As a result, we’ve increased representation by 24% year to date.

“It’s all about precision,” said Bobby Turner, Vice President, Talent Acquisition – D&I and Military Recruiting. “We line up the needs of our businesses and put together the right team to go where veterans with those skills are.”

Our team has increased the number of virtual hiring events for the company — something that they began even before the pandemic. They strategically plan where to hold and attend in-person events and conferences, concentrating where veterans are likely to be, including close to military bases specializing in particular skills and where there is a diverse veteran population.

At Bank of America, we also invest in several military development programs, including the Global Operations Military Development Program started in 2017; the Strategy & Management Military Development Program started in 2017; the Veterans Associates Program — Global Banking & Global Markets started in 2017; and the Global Banking & Global Markets Operations Military Development Program started in 2021. All programs have strong retention rates of 95% and above since their inception.

Recognizing the unique skills and experiences that military talent brings to the company, we have dedicated military hiring, learning and support resources as veterans and their spouses join the company, relocate or deploy. These include:

  • Military Affairs Team: Our Military Affairs team coordinates efforts across the company — including hiring, offering financial products, getting involved with philanthropy and public policy, and helping veterans reintegrate into the civilian workforce.
  • Military Support and Assistance Group: More than 20,000 teammates are members of this employee network. With 44 chapters throughout the U.S. and the UK, the network provides development opportunities for military employees and their families, through networking, mentoring, volunteering and information forums.
  • Military Spouse Forum: The group shares resources and supports spouses with deployed soldiers and sailors. They also provide volunteer activities and professional development for military spouse employees.
  • Life Event Services: Life Event Services (LES) is an internal, highly specialized group that provides personalized support for major life events, including a teammate with military experience who is dedicated to supporting veterans, their spouses and families.

Learn more about Bank of America’s support and commitment to service members, veterans and their families.

10/21/22