Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers; approximately 16,600 ATMs; and award-winning digital banking with more than 37 million active users, including approximately 28 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners. The company serves clients through operations across the United States, its territories and approximately 35 countries.
We believe it is vital to state clearly to the world the set of our beliefs about Inclusive Capitalism. As such, we start with our Statement of Guiding Principles for Inclusive Capitalism. Knowing that words alone are not enough, each of us is making a series of commitments about how we will operate our institutions so that they help achieve Inclusive Capitalism. These commitments are forward-looking statements based on current goals, expectations and assumptions, which are not guarantees of future performance. For more information, please refer to our Terms of Use
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Summary
Bank of America will mobilize an additional $300 billion in capital by 2030 through our Environmental Business Initiative to accelerate the transition to a low-carbon, sustainable economy.
Activities & Initiatives
Through sustainable finance activities, including lending, investing, capital raising, advisory services and developing financing solutions, we will drive environmental business efforts and innovation across the globe to accelerate the transition to a low-carbon, sustainable economy.
Measures & Targets
We will mobilize an additional $300 billion in capital by 2030 through our multi-year Environmental Business Initiative to develop solutions to climate change and other environmental challenges.
Our commitment focuses on low-carbon energy, energy efficiency, and sustainable transportation, in addition to addressing other important areas like water conservation, land use and waste. Since 2007, we have mobilized more than $160 billion in financing to these activities across the globe.
Summary
Bank of America is committed to provide $1 billion through 2024 of additional support to help local communities address economic and racial inequality accelerated by a global pandemic.
Activities & Initiatives
Across our 91 U.S. markets, we will support and initiate programs to assist people and communities of color that have experienced a greater impact from the health crisis. This initiative is a part of how we drive Responsible Growth across the company and will build on areas where we already do a lot of work including health and healthcare, jobs/reskilling, support to small businesses, and affordable housing, all through a lens of racial equity and with a particular focus on communities of color.
Measures & Targets
We will provide $1 billion over the next four-years (through 2024) of additional support to programs focused on health, jobs, training/reskilling/upskilling, support to small businesses, and housing to help local communities address economic and racial inequality accelerated by a global pandemic.
Fulfilling this commitment will include resources from across our company, including philanthropy, sustainable finance activities through lending and investing, capital investments with Community Development Financial Institutions and Minority Depository Institutions, and development of financing solutions for small businesses. It will also include enhancements to our own practices in hiring, supplier diversity and other areas.
Summary
Bank of America is committing to address barriers to affordable homeownership by providing $5 billion through 2025 to help more than 20,000 individuals and families purchase a home.
Activities & Initiatives
Put more than 20,000 individuals and families on the path to affordable homeownership through a combination of specially-designed products, resources and expertise and includes proprietary home buyer grant programs.
Measures & Targets
Through our $5 billion Community Homeownership Commitment, we will help more than 20,000 individuals and families purchase a home through 2025. Bank of America’s Community Homeownership Commitment™ focuses on helping put people on the path to affordable homeownership through a combination of specially-designed products, resources and expertise and includes proprietary home buyer grant programs. The initiative has helped 13,000 individuals and families purchase a home since 2019.
Summary
Bank of America's Pathways Program is a 5-year commitment to hire 10,000 individuals from low- and moderate-income neighborhoods into the bank's Consumer and Small Business division, and to provide skills training including with non-profit partners.
Activities & Initiatives
Bank of America is committing to hire 10,000 individuals from low- and moderate-income neighborhoods into our Consumer and Small Business division by 2023.
Measures & Targets
Through Bank of America’s Pathways program, we set a goal of hiring 10,000 individuals from low- and moderate-income neighborhoods into our Consumer and Small Business division. In support of our objective, we established partnerships with 12 non-profit organizations across 40+ local chapters, which provide a source of candidate referrals and professional skills development.
Once they join the company, each new employee receives at least 80 hours of training through The Academy – Bank of America’s award-winning, high-tech, personal training approach that equips employee participants with additional skills and resources they need to succeed, now and in the future.
In October 2020, we surpassed that five-year 10,000 hiring goal well ahead of our expectations, and we plan to expand our commitment for future hires across the company.
Summary
Through our partnership with the Tory Burch Foundation Capital Program, Bank of America is committing to provide $100 million in capital to connect women small business owners to affordable loans.
Activities & Initiatives
Through partnerships and investments, Bank of America is connecting women small business owners to affordable loans to help them start, grow and refine their businesses.
Measures & Targets
Bank of America committed $100 million in capital to connect women small business owners to affordable loans through our investment in the Tory Burch Foundation Capital Program in 2019. Since the program’s launch in 2015, more than 3,400 women entrepreneurs have received $57 million in loans through Community Develompent Financial Institutions to help them grow and refine their businesses.
Summary
Bank of America is committing to continue to support our teammates’ wellbeing during the health crisis, including by reimbursing teammates up to $100 a day for securing their own child care.
Activities & Initiatives
Provide employee benefits that support our teammates through the health crisis, including child care reimbursement.
Measures & Targets
Bank of America is committing to continue to support our teammates’ wellbeing. During the health crisis, teammates have been reimbursed up to $100 a day for securing their own care child care. Through September 2020, we provided over 1.7 million days of care and over $200 million in child care reimbursements.
Summary
Bank of America remains committed to hiring and supporting military personnel and their families who contribute so much to our company, our communities and our country.
Activities & Initiatives
Build upon our 100 year record of supporting service members and their families, including dedicated efforts to hire veterans, Guard and Reservists; development programs; and connecting veteran entrepreneurs with affordable capital to help grow their businesses.
Measures & Targets
At Bank of America, we are committed to continuing to attract, develop and retain military talent. In 2020, we surpassed our five-year goal to hire 10,000 veterans, National Guard and reservists. This hiring goal was set to address the unique challenges military personnel and spouses face in finding employment. We have a number of programs and resources in place to help in the transition to corporate life and grow their careers with us, including benefits, counseling and more, tapping experts inside and outside the company.
In addition, through our $20 million Veteran Entrepreneur Lending Program, we are connecting veteran business owners with affordable capital through participating Community Development Financial Institutions to help grow their businesses. Through June 2020, more than 270 veterans have been connected to $19.8 million in affordable loans.
Summary
Bank of America is committing to maintain carbon neutrality and will work to reduce even further our carbon footprint by lessening Scope 1 and 2 emissions, and by purchasing 100% of our electricity from renewable sources.
Activities & Initiatives
Bank of America is committing to maintaining carbon neutrality in our operations and to reduce further our carbon footprint.
Measures & Targets
In 2019, Bank of America achieved carbon neutrality in our operations by reducing Scope 1 and 2 emissions by 56 percent since 2010, and purchasing our electricity from renewable sources. We are committed to maintaining carbon neutrality and will continue to reduce Scope 1 and 2 emissions and purchase 100% of our electricity from renewable sources. We will continue to install on-site solar at our facilities, and have completed long-term renewable agreements to add wind and solar electricity to the grid.
Summary
Bank of America is committing to additional transparency in how we govern our activities, including working with other financial institutions to create a methodology for measuring financed emissions and beginning to report financed emissions by 2023.
Activities & Initiatives
Bank of America is committing to adding transparency in how we govern our activities, including risk management.
Measures & Targets
Bank of America has been working with other financial institutions, through our participation in the Partnership for Carbon Accounting Financials (PCAF), to create a methodology for measuring financed emissions. This methodology, known as the Global GHG Accounting and Reporting Standard for the Financial Industry, was released in November 2020. Bank of America will use this Standard to report the bank’s financed emissions by 2023. This is in addition to steps taken in 2020 to demonstrate additional transparency in how we govern and disclose our activities, including the issuance of our first Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD) reports.
Summary
Bank of America is committing to continue to recognize and reward performance, and to be an industry leader in establishing an internal minimum rate of pay.
Activities & Initiatives
Recognize and reward our employees' performance, by continuing to be an industry leader in establishing an internal minimum rate of pay.
Measures & Targets
Bank of America is committing to continue to recognize and reward performance, and to be an industry leader in establishing an internal minimum rate of pay. Our minimum hourly wage for U.S. teammates was raised to $20 in the first quarter of 2020, more than one year earlier than planned.
Summary
Bank of America is committing to expanding access to training to reach 50,000 women small business owners through enrollment in the Bank of America Institute for Women’s Entrepreneurship at Cornell.
Activities & Initiatives
Through partnerships and investments, Bank of America is connecting women small business owners to advanced education to help them start, grow and refine their businesses.
Measures & Targets
As part of our commitment to advance racial equality and economic opportunity, we announced a further expansion of the Bank of America Institute for Women’s Entrepreneurship at Cornell. Due to the program’s success we added 30,000 seats – bringing the total enrollment of small business owners to 50,000. In 2021, we will add Spanish language curriculum and hire Spanish-speaking teaching assistants to more effectively support Hispanic-Latino entrepreneurs.
The Bank of America Institute for Women’s Entrepreneurship at Cornell is the only Ivy League program offering a certificate in women’s entrepreneurship, and at no cost to participants. Since its launch in 2018, the Institute has enrolled more than 20,000 individuals, primarily women, of whom 86% identify as women of color. Registration is open to anyone worldwide, regardless of gender, educational background or business stage.
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Recognizing it will take alignment of all our organizations to scale impact globally, we invite you to join the movement as a Steward of Inclusive Capitalism. Together, the collective action of Council members will contribute to a fairer, more inclusive and sustainable future for all people and our planet.
