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During National Workforce Development Month, Investments Will Expand Access to Opportunity, Strengthen Local Economies and Drive Workforce Growth
Key points
- Bank of America will hire 1,000 additional apprentices over the next two years.
- The commitment expands job opportunities into Consumer Banking, Technology, Operations and other client-facing areas, building on the company's recent hiring initiatives focused on military, community college, skills-based and campus hiring.
- Bank of America is additionally committing $150 million over five years to workforce development organizations, building on nearly $40 million invested in 2025.
Bank of America today announced it will hire 1,000 additional apprentices over the next two years and commit $150 million over five years to workforce development organizations to help strengthen local economies and drive job opportunities along with workforce growth across the United States.
The new commitment is on top of the more than 800 apprentices the company already hires each year through programs that create roles across Consumer Banking, Technology, Operations and other key business areas. This builds on the bank's longstanding focus on skills-based hiring in local communities, career mobility and expanding access to long-term careers that do not require a bachelor's degree, helping strengthen the competitiveness of the American workforce.
"This is one more way for us to do what we can to help create a skilled American workforce for tomorrow," said Brian Moynihan, Chair and CEO of Bank of America. "Our apprenticeship and workforce development programs underscore our continued commitment to expanding opportunity and helping talented individuals develop the skills to succeed. We appreciate the spirit of reform and practicality that the Department of Labor is bringing to this important work, which will lead to opportunities for the private sector to do even more."
"American workers deserve the opportunity to build successful careers without leaving their hometowns," said Acting Secretary of Labor Keith Sonderling. "I applaud Bank of America for investing in apprenticeship and workforce development programs that prepare Americans for high-skilled, high-paying jobs while helping employers build the skilled workforce they need in their local communities."
Today, approximately forty percent of the bank's hires do not have a bachelor's degree, underscoring the company's position at the forefront of the financial services industry's shift toward skills-based hiring. The announcement also builds on the company's commitment to hire 10,000 additional people with military backgrounds over five years and 8,000 individuals from community colleges. Together with a commitment to providing competitive pay, these efforts expand access to opportunity and long-term careers. Bank of America is a leader in providing a livable minimum wage, with teammates earning at least $50,000 annually.
Investing in Workforce Development
Bank of America's $150 million investment over five years will support workforce development organizations that equip individuals with in-demand skills and connect them to career opportunities. By bringing together employers' evolving talent needs and local organizations' expertise in training and coaching, these investments help build a workforce prepared for the jobs of today and the economy of tomorrow. The commitment builds on the $40 million the company invested in 2025 through partnerships with more than 100 universities and community colleges and over 600 nonprofit organizations across its U.S. markets.
Creating long-term careers
Bank of America's apprenticeship programs provide paid, work-based learning opportunities for individuals entering the workforce through nontraditional pathways. The company plans to expand existing programs and explore new roles and business areas to support this commitment.
The effort complements Bank of America's workforce development partnerships and skills-first hiring strategy, as well as ongoing investments in employee growth. Through The Academy, its in-house training and skills organization, employees have access to training, coaching and hands-on experiences that help them build new capabilities, strengthen existing skills and adapt as work evolves.
Frequently asked questions
Question: Why is Bank of America expanding its apprenticeship hiring?
Answer: Apprenticeships help the company identify talented people based on their skills, potential and ability to grow while broadening access to long-term careers. The additional 1,000 hires are in Consumer Banking, Technology, Operations and other areas as the company advances its skills-first hiring strategy.
Question: How will the $150 million commitment be used?
Answer: Over five years, the funding will support workforce development organizations that help individuals build in-demand skills, prepare for employment and connect to long-term career opportunities. Specific organizations and investments will be determined over time based on local workforce needs and opportunities for impact.
Question: Why are partnerships with local workforce organizations important?
Answer: Employers understand the skills their businesses need, while workforce organizations bring expertise in training, coaching and connecting people to opportunity. Working together helps align preparation with real jobs and creates stronger outcomes for businesses, workers and communities.
Question: How is Bank of America preparing its own workforce as jobs evolve?
Answer: The company is investing in upskilling and reskilling across the employee lifecycle. Employees have access to training, coaching, tools and practical experiences that help them build new capabilities and adapt as AI and other technologies change how work gets done.
Question: What is an apprentice and how does it differ from other hires?
Answer: An apprentice is an individual who joins Bank of America through a structured, paid work-based learning program, combining on-the-job experience with training and development to build skills for a long-term career and has the potential to be promoted to a non-apprentice role. By comparison, internships typically last ten weeks, while apprenticeships generally last about 12 months and most often lead to industry-recognized, portable credentials or licensing.
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 more than 69 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 60 million verified digital 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. As the #1 small business lender in the United States (FDIC), Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries and/or jurisdictions. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Reporters may contact
Carla Molina, Bank of America
Phone: 1.512.397.2402
carla.molina@bofa.com
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SOURCE Bank of America Corporation
