2024 Gender Equality Index Report, France​

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.

Our leadership team is held accountable for driving positive progress in female representation, culture, inclusivity and being a great place to work. We set out Diversity & Inclusion (D&I) goals for the company which are cascaded down at all levels, ensuring commitment, accountability and support to drive diversity & inclusion in the workplace.

Bank of America is committed to equal pay for equal work through our pay-for-performance philosophy. Our remuneration policies and practices are gender-neutral and reinforce equal pay for equal work, with oversight from our Board and senior leaders. For over 17 years, we have engaged outside experts to conduct independent analyses to ensure that we pay equitably. 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 2023 enterprise review of equal pay for equal work showed that compensation received by women globally was on average more than 99% of that received by men.

BofA Securities Europe S.A. (“BofASE”) and Bank of America Europe Designated Activity Company, France Branch (“BofA Europe, France Branch”) are required to calculate and publish a Gender Equality Index. This has been achieved by reference to mandatory indicators (as outlined below), performance against each of which leads to the attainment of points, adding up to an overall score out of 100.

The Gender Equality Index results for financial year 2023, calculated in accordance with the requirements mandated under the Avenir law of September 2018, are as below:

1. BofA SE (number of points)

  • Pay gap between men and womenfootnote1: 29 out of 40 points
  • Difference in non-promotional pay increasesfootnote2: 20 out of 20 points
  • Difference in promotion related pay increasesfootnote2: 15 out of 15 points
  • Percentage of employees who receive a pay increase upon returning from maternity leave: 15 out of 15 points
  • Gender representation amongst employees in the top 10 highest paid positions: 5 out of 10 points
  • Final Index Results: 84 out of 100 points

2. BofA Europe, France Branch (number of points)

  • Pay gap between men and womenfootnote1: 25 out of 40 points
  • Difference in pay increasesfootnote2: 35 out of 35 points
  • Percentage of employees who receive a pay increase upon returning from maternity leave: 15 out of 15 points
  • Gender representation amongst employees in the top 10 highest paid positions: 0 out of 10 points
  • Final Index Results: 75 out of 100 points

In accordance with the Decree that came into force on 25 February 2022, we confirm that the following actions are being taken to improve performance against the first and last index indicators above, particularly within BofA Europe, France Branch. These steps are in line with Gender Equality Action Plans signed in France.

Remuneration

We maintain robust remuneration policies and practices, including analyses and reviews, with oversight from our Board and senior leaders. We believe our pay‐for‐performance approach, combined with our focus on workforce representation, will continue to drive the advancement and representation of women.

We pay our teammates fairly based on market rates for their roles, experience and how they perform, and we regularly benchmark against other companies both within and outside our industry. On an annual basis, we engage outside experts to conduct independent analyses to ensure that we pay equitably.

Recruitment

Through recruitment efforts and collaborative partnerships, we are attracting some of the best and most diverse talent from around the world offering a variety of opportunities from early careers (internships, graduates) to experienced hires. Our focus is aimed around recruiting a proportionate number of men and women with an emphasis on increasing female senior management representation. We are also targeting equal representation of new hires within the junior talent space. Each quarter, workforce diversity reporting is provided to the management teams, supporting accountability and our commitment to delivering against our D&I goals.

Advancement in Organisation

We have introduced programmes and tools to specifically help navigate, advance and develop key executive female talent with their careers, including our Women’s Executive Development Programme, Diverse Leaders Sponsorship Programme, Next Level Leadership Programme and other career development programmes such as Manager Excellence and Personal Effectiveness pathways. We are committed to empower our female population to further strengthen their knowledge and skills to provide increased opportunities of promotion.

We remain focussed on hiring, retaining and promoting female talent in areas of the business where they have historically been underrepresented.

Read the Human Capital Management Update within our Annual Report to 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.

Find out more on how we are Investing in Women and promoting a diverse and inclusive workforce to support our employees and better serve customers, clients and shareholders. Read about our commitment to gender equality across EMEA in our Women in Finance Charter statement.

Indexed formulaic calculation based on the difference in pay between men and women. This calculation does not take all pay drivers into consideration (e.g., differences in role or experience) and is not an equal pay for equal work  analysis

1

As BofA Europe, France Branch has less than 250 employees, these 2 indicators are replaced with a single measure comparing pay increases between men and women

2

2/26/24

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