In recent years, Bank of America (BOA) has been in the news frequently for all the wrong reasons. Now, however, they appear to be trying to head into the right direction regarding diversity, or the lack thereof in their organization.
The company set diversity goals back in 2019. Just recently, their chief human resources officer did an interview in which she stated BOA’s goal was “very simple. [BOA wants] to reflect the clients and communities in which we operate.” She acknowledged they “recognize that we have more work to do,” but “want people to see the progress we’ve made.”
It should be noted that the percentage of females in the three top tiers of BOA remained at a static 41% from the prior year. There was, however, a noted uptick in people of color (POC) holding down senior-level managerial or executive roles at the corporation — from 15% to 19% in the past five years.
There were also gains at the second-level tier of middle-management. POC increased four percentage points from 33% to 37% over the same timeframe. Those numbers exceed the benchmarks for the financial services industry, as reported by the U.S. Equal Employment Opportunity Commission (EEOC).
Still, for some at BOA and other corporations, the years of lack of diversity and outright discrimination as practiced by the bank have led to stunted career growth. If you are working for a company where employment discrimination has affected you adversely, you may want to explore your options for seeking compensation for your losses.