Supporting women teammates, clients and communities

Woman sewing

At Bank of America, our ongoing work to invest in women means that we support them as they make meaningful contributions within our company and in our communities. It also includes our focus on being a great place to work for our female employees, making the financial lives of our female clients and customers better and advancing the economic empowerment of women in communities around the world.

Our teammates are our most powerful resource. Being a great place to work for our employees is a key component of how we drive responsible growth in a sustainable manner, and is essential to how we make financial lives better.

Our investment in women is evidenced by Bank of America’s strong female representation at all levels of the organization — women make up 50% of our global workforce, including 32% of our global management team. Our global workforce is 50% female and within the top three levels of our company, more than 40% are women. We are committed to attracting strong female talent. In 2020, women made up 47% of our global interns and 45% of our campus hires.

Being a great place to work for women

  • Developing and advancing women: We offer a range of development programs for female leaders who show potential as future business and C-level executives, including our Women’s Executive Development Program, to engage, develop, retain and support the career advancement of high-potential talent, and our Women Ready to Lead Program, which is focused on advancing and building a community of multicultural female talent.
  • Our Investing in Women Leadership Council is composed of senior executives across the company who serve as advisors and champions of our efforts, working closely with the lines of business, the Diversity and Inclusion organization and other women-focused networks to maximize impact. Since 2015, we have experienced a 24% increase in women in executive and senior level management.

Connecting women employees: We have a variety of enterprise and line of business networks in place to enable women to stay connected and develop skills to grow into future roles including our largest employee network, Leadership, Education, Advocacy and Development (LEAD) for Women. LEAD’s mission is to enhance professional development and create visibility to the pipeline of female talent. Our strategy, programs and actions are guided by our commitment to be a leader in the solution for equal pay for equal work, contributing to the advancement of women and people of color both within our workforce and in society as a whole. 

Industry-leading benefits: Bank of America offers best-in-class benefits and programs to support the diverse needs of employees, including employees from all generations, to help manage the demands and challenges through all stages of work and personal life. Our Child Care Plus® offers up to $240 per month, per child, for child care expenses for eligible employees in the U.S. whose total annual household adjusted gross income is $100,000 or less. Our Family Planning Reimbursement program provides employees with flexibility to choose reimbursement for eligible adoption, fertility and/or surrogacy expenses — up to a collective $20,000 lifetime maximum over the course of their careers at the bank.

Workplace policies and practices: We’re focused on providing fair and equitable pay for all our teammates. We continue to enhance our efforts to compensate our employees fairly and equitably. Compensation received by women is on average greater than 99% of that received by men and we provide competitive benefits and programs to help women balance their work and personal lives.

Making the financial lives of women better

We’re driven by our purpose – to help make financial lives better, through the power of every connection. This includes helping our women clients and customers improve their financial lives and achieve their personal financial goals. We’ve continued to show our support for women-owned businesses by serving as the presenting sponsor for the eighth consecutive year at the annual National Association of Women Business Owners (NAWBO) Women’s Business Conference. In addition, through our gender lens investing strategy, we help consumers, corporations and investors create gender-related social change while growing their business profits. And through our Better Money Habits program, we’ve developed educational content focused on helping women navigate the unique challenges often faced in the workplace on topics like workforce reentry and retirement.

Advancing the economic empowerment of women through partnerships

Women play a vital role in driving economic growth within their communities and global economies, yet often face challenges in accessing capital and resources. That’s why we invest in partnerships to connect women entrepreneurs to the mentoring, training and capital they need for success.

We help women hone their skills virtually through the Bank of America Institute for Women’s Entrepreneurship at Cornell. As a result of the program’s success, we’ve added 30,000 seats — bringing the total enrollment of small business owners to 50,000 — and we’re working with Cornell to develop a Spanish-language curriculum and hire Spanish-speaking teaching assistants to more effectively support Hispanic-Latino entrepreneurs. Since its launch in 2018, the Institute has enrolled more than 20,000 individuals, primarily women, of whom 86% identify as women of color.

To support our belief that female entrepreneurs are fundamental to driving strong, healthy economies, we doubled our investment in the The Tory Burch and Bank of America Capital Program in 2019 by committing $100 million in capital to connect women small business owners to affordable loans.

Around the world, our Global Ambassadors Program, a partnership with Vital Voices, and partnership with the Cherie Blair Foundation connect women entrepreneurs to mentoring and skills-building that will help them build business acumen. Our Global Ambassadors Program — a partnership with Vital Voices — and our collaboration with the Cherie Blair Foundation

connect women entrepreneurs to mentoring and skills-building to help them develop business acumen. We also work with Kiva, an organization that provides loans to women entrepreneurs in more than 80 countries. Through our external partnerships, we’ve helped nearly 40,000 women entrepreneurs advance their businesses.

In addition, we partner with Kiva, an organization that provides loans to women entrepreneurs in more than 80 countries. Through our partnerships, we’ve helped more than 11,000 women entrepreneurs advance their businesses.

We’re proud of our efforts to invest in women

We’re proud to be recognized with the following prestigious accolades for our efforts to invest in our female clients, employees, and communities.

  • In 2020, Fortune magazine named us one of the 100 Best Companies to Work For and the only financial services company recognized two years in a row as one of the Best Big Companies to Work For
  • In 2020, named World’s Best Bank for Corporate Responsibility by Euromoney magazine
  • In 2020, named to Working Mother magazine’s 100 Best Companies (#6 on the list) and named one of the Best Companies for Multicultural Women.
  • Named one of Diversity MBA Magazine’s Best Places for Women & Diverse Managers to Work (2020)
  • In 2020, named Company of the Year by LATINA Style
  • Fortune’s 2019 Best Places for Women list
  • In 2019, named by Dave Thomas Foundation for Adoption the 100 Best Adoption-Friendly Workplaces
  • Ranked as top financial institution on the “2019 LinkedIn Top Companies” list that recognized the 50 most sough-after places to work in the U.S.
  • In 2019, named as one of the top companies for Women Technologists by AnitaB.org

Originally published 3/10/2021