What it does: We focus on helping individuals navigate every stage of their financial lives.
Mission: To help make financial lives better by connecting those we serve with the resources they need to be successful.
Size and presence: In 2018, Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world.
Best known for: BOA is one of the world's leading financial institutions, serving individuals, small- and middle-market businesses, large corporations, and governments with a full range of banking, investment management and other financial and risk management products and services.
The good bits: The company invests in employees' wellness with best-in-class benefits and programs. Their pay is considerably higher than other banks with their minimum wage is still rising.
The not so good bits: BOA is now known for getting rid of employees on a whim to please Wall Street, or to outsource to another country.
Bank of America, in full Bank of America Corporation, one of the largest banking and financial services corporations in the United States. It was formed through NationsBank’s acquisition of BankAmerica in 1998. Bank of America is headquartered in Charlotte, North Carolina.
The bank’s history dates to 1904 when Amadeo Peter Giannini opened the Bank of Italy in San Francisco. It eventually developed into the Bank of America and was for a time owned by Giannini’s holding company, Transamerica Corporation. It issued the first bank credit card, BankAmeriCard, in 1958. (The first universal credit card, which could be used at a variety of establishments, had been introduced by the Diners’ Club, Inc., in 1950.)
In 1968 the newly named BankAmerica Corporation was organized in Delaware as a holding company for Bank of America NT & SA and other financial subsidiaries. One of BankAmerica’s most significant acquisitions was the 1983 purchase of Washington state bank Seafirst Corporation, which was the biggest U.S. interstate bank merger to date. After purchasing its major competitor in California, Security Pacific Corporation, in 1991, Bank of America became the first bank to offer coast-to-coast operations in the United States. It expanded into New England with the acquisition of FleetBoston Financial Corporation in 2004, and by the early 21st century it was operating more than 5,500 bank branches in more than 20 U.S. states and conducting corporate and investment banking in numerous countries worldwide.
The firm enlarged its credit-card business by acquiring National Processing, a transaction-processing firm, in 2004, and its merger with MBNA Corporation in 2006 made Bank of America a leading issuer of credit cards. To gain a strong position in the wealth-management business, Bank of America in 2007 acquired U.S. Trust Corporation, an investment firm that manages investments for high-net-worth individuals.
As the global financial crisis emerged in 2008, numerous institutions began to struggle, notably Countrywide Financial, the largest American mortgage lender, and Merrill Lynch & Co., Inc. That year Bank of America bought both companies, and the acquisitions proved costly. In January 2009 Bank of America announced that it would receive $20 billion in U.S. government aid and an additional $118 billion in guarantees against bad assets incurred as a result of the acquisition of Merrill Lynch. Bank of America subsequently faced a number of state and federal lawsuits regarding claims that it had defrauded investors.
In 2012 it agreed to pay $2.43 billion to settle a class-action suit involving allegations that the company had failed to disclose to investors the true financial health of Merrill Lynch. Also coming under scrutiny were the mortgage operations of both Bank of America and Countrywide. In particular, they were accused of having made risky mortgage loans and then misrepresented the quality of those loans to investors. In 2013 the U.S. government sued Bank of America for financial fraud, and the following year the company agreed to pay $16.65 billion.
Connecting with the people you work with is important. Our offices hold employee events and have clubs made up of employees who share a common identity or interests so employees can spend time together and support each other. Because at the heart of it all, respect and relationships can turn a good job into a great one.
We’re dedicated to helping our teammates be their best at work and at home. It starts with having a diverse, inclusive workplace where employees are valued for their individual strengths and perspectives. Then we support them in growing their careers and recognize and reward them for their contributions. And we provide resources to support their physical, emotional and financial wellbeing.
At Bank of America, we strive to be a bank for everyone. Like the people we serve, we come from every walk of life. We are proud of our inclusive culture, because when you create a workplace where all employees can thrive, everyone benefits. We firmly believe all employees should be treated with respect, live free of discrimination and be able to bring their whole selves to work. This is core to who we are as a company and how we drive responsible growth.
Creating an inclusive environment starts at the top and extends to all teammates. Our Board, its committees and our CEO play a key role in the oversight of our culture, holding management accountable for ethical and professional conduct and a commitment to being a great place to work.
The first step is finding the right fit for you.
We value differences – in thought, style, culture, ethnicity and experience. So there is no set candidate profile we are seeking. Above all, we’re looking for a genuine interest in our business. Candidates who can demonstrate a high standard of academic, professional and extracurricular skills partnered with integrity, teamwork and leadership ability will always be of interest for our programs.
Some roles do have specific technical or language requirements that you would need to meet to be eligible. You can review the individual job descriptions for more details on each program. If you require any particular support or adjustments during the process, we welcome you to notify a member of the campus recruiting team.
Analyst Internship and Full Time recruiting takes place on a rolling basis once applications open. Interviews often begin before the deadline, so it's best to submit your application early as programs will close as positions are filled. All candidates must apply online via our Bank of America application system in addition to any resume drop you may be required to take part in via your careers service office.
For our Associate level – MBA program applications, please attach your resume and cover letter in one document, and ensure you apply under the name of the educational institution you are currently attending.
Insight week/pre-internship program applicants will also be required to apply online.
For opportunities in Canada, the application and recruiting process typically takes place from August - September for Full Time positions and from November - January for Summer Internship recruiting.
We encourage you to refer to specific job descriptions for further details of individual program requirements and confirmation of deadline dates. All our recruiting timelines and processes across the U.S. & Canada may also vary by school; please refer to your Career Services team for more information.
If selected following the application stage, you will be invited to take part in an interview. Both first and second round interviews (where applicable) will take place by phone, on demand video, on campus or at a Bank of America office. If you have been invited to an on demand video interview, we encourage you to check out the video below to learn more tips on how you can be most successful.
For our Associate/MBA programs, your first and second round interviews will take place on campus or at a Bank of America office.
The final round of the recruiting process will vary slightly for each business area, but will typically include competency based interviews. These interviews are typically conducted by representatives from the business area you are applying to. Further details regarding your application status will be communicated as you progress.
By helping you find new opportunities – and attracting top talent that reflects the diversity of our clients and communities around the world – we’re continuing to drive responsible growth. Part of being a great place to work is providing you with the tools and resources to develop and grow your career. Here are a few examples.
We believe that achieving strong operating results — the right way — starts with our teammates, and we know we must reflect the diversity of the clients and communities we serve. Our diversity makes us stronger, and the value we deliver as a company is strengthened when we bring broad perspectives together to meet the needs of our diverse stakeholders.
We believe the routine disclosure of our workforce diversity metrics holds our management team accountable and ensures we are delivering on our commitment to increase representation.
We have built robust analytics and put processes in place at all levels of the company to drive progress and accountability. We measure diversity progress across our top three management levels, composed of more than 1,300 people in senior roles who are part of our executive talent management process and who fuel the pipeline for our management team.
We hold our more than 20,000 managers accountable for driving progress in diversity within their teams. We also provide opportunities for managers to sponsor and support rising talent to continue building our diverse workforce.
We are focused on building a strong, diverse talent pipeline of future leaders. Through recruitment efforts and partnerships, we’re attracting some of the best and most diverse talent from around the world.
We benchmark against other firms and industry metrics to monitor and review representation across EEO categories. By disclosing our workforce data, we demonstrate the progress we are making — progress that is driven from the top down by leadership who embrace diversity and inclusion as integral to our business success. By maintaining this focus, we believe our company will be well-positioned to attract and retain diverse talent, better serve our clients and communities, and build meaningful connections among our teammates.
In the last four years, Bank of America raised the minimum hourly wage to $15 in 2017; in 2019 it rose to $17 and in 2020, to $20 — one year ahead of schedule.
Roughly 97% of the bank's employees, who make up to $500,000 in total annual compensation, are eligible for the bonuses.
Leave & holidays
✅ Paid bereavement leave
✅ Bonus parental leave
✅ Industry-leading leave for new parents
Finance & contract
✅ Permanent employee
✅ Signing bonus
✅ Annual bonus
⛔ Stock options
Flexible work
⛔ Full remote work
✅ Partial remote work
✅ Flexible working hours
Family & health
✅ Back-up child and adult care
✅ Annual health screenings
✅ Employee Assistance Program
✅ Get Active! challenge
Insurance
✅ Health insurance
⛔ Outpatient
⛔ Dental
⛔ Maternity
Perks
⛔ Free breakfast
⛔ Free lunch
✅ Free tea & coffee
✅ Free snacks
✅ Life Event Services
We all want meaning in our jobs. We want to know that our time spent working contributes to a greater good and that we work for a company that supports this desire and emulates it at an organizational level.
At Bank of America, we are proud of our innovative social and environmental investing, our philanthropic partnerships, our commitment to volunteerism, and our daily focus on helping clients achieve their financial goals. At Bank of America, our employees have the power to make a difference.
We partner with organizations locally and globally to advance economic and social progress.
The Tory Burch Foundation Capital Program, powered by Bank of America, connects U.S. women entrepreneurs to affordable loans to help grow their businesses. We have committed $100 million to the program and more than 2,500 women entrepreneurs across 16 states have received loans thus far.
Through partnerships with organizations like Water.org, we are able to help find solutions to the world’s safe water problem. WaterEquity, an innovation of Water.org, launched WaterCredit Investment Fund 3 (WCIF3). We provided a $5 million zero-interest loan to help WaterCredit invest in water and sanitation businesses in Southeast Asia so it could reach 4.6 million people with safe water and/or sanitation.
Our employees show their dedication as engaged global citizens by giving their time, talents and expertise to support a wide range of causes. Onsite or virtual, during the workday or outside of work hours, our employees use their skills, interests and passion to support the causes that connect their communities, lives and family. We support our employees and these connections, knowing the power they have to make a difference.
At Bank of America, we have roles that specifically focus on the environment and helping solve pressing ecological issues. Our leadership in sustainable finance would not be possible without these dedicated employees leading the way with their environmentally-focused lending, investing, advisory and developing finance solutions for clients around the world.
On October 24, 2012, the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac.
Bank of America has also been repeatedly accused of violating federal overtime pay laws and has paid out millions to settle various cases. These include settlements of $22 million in 2001, $4 million in 2003 and $9 million in 2005. A suit seeking national class action status was filed in 2010.