Bank of America, whose lineage traces back to 1784, offers banking and financial services products for consumers, businesses, governments, and investors through its consumer banking, global wealth and investment management, global banking, and global markets segments. In 2024, it was the second-largest bank by revenue in the U.S. behind JPMorgan Chase.
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Best Large Workplaces in Financial Services and Insurance 2025
Employees say:
"This is the only company that I have worked for that actively seeks input from all employees to better improve processes. And they don't just say that they welcome the input, they created a means and method of receiving input/suggestions, as well as routines to evaluate those suggestions and implement them. If you submit a suggestion, you are provided with status updates as to the decision of implementation and if approved, you continue to receive updates about the progress of said implementation. They mean what they say when they say that they trust the team."
Employees say: "There are endless opportunities for a long-term career at Bank of America. People are encouraged to explore all the areas of the bank and find a home where they most enjoy the work. The top-down support on this theme is incredible, and people are always looking for ways to support those around them."
"Bank of America offers unheard of and unmatched benefits to its employees. Mom's and Dads are reimbursed for Day Care expenses monthly and in the event of a new child, parents (regardless of gender) get 16 weeks of fully paid time off. The health insurance, and other benefits also greatly enhance our personal lives. We have discounts to travel, gym memberships and many other things that contribute to mental health."
"There are endless opportunities for a long term career at Bank of America. People are encouraged to explore all the areas of the bank and find a home where they most enjoy the work. The top down support on this theme is incredible and people are always looking for ways to support those around them."
Best Large Workplaces in Financial Services and Insurance 2024
Employees say:
"This company understands that to succeed, it has to prioritize employee health, work satisfaction, and work-life balance. We have amazing benefits beyond the standard health care plans. As a working mother of two and someone with a chronic disease, I feel like Bank of America has allowed me to focus on my family and health while encouraging me to advance in my career aspirations. Not once have I had to choose between my family and my career. I am so grateful for the opportunities and support I have received from my managers, executive leaders, and the organization as a whole."
"Diversity and inclusion are a key strength. You can see it in the faces, but you can feel it in the spirit of everything we do. It is what makes us stronger and a leader in the industry."
Bank of America’s leadership has grown far more diverse in recent years: The board of directors and executive team are more than 50% diverse, and over half the company’s workforce are people of color. Pay equity has also been a priority: In 2023, the company increased its U.S. minimum hourly wage to $23, a step closer to reaching its target of $25 by 2025. Women employees received more than 99% of their male colleagues’ compensation, while employees of color received over 99% of their white coworkers’ compensation.
Bank of America allocated $17 million in tuition assistance in 2022, distributing it to over 5,000 employees. Company policy makes up to $7,500 in educational expenses available to eligible staff every year, through either reimbursement or a prepaid voucher.
BofA added a new sabbatical program in 2022, offering workers with 15 years of continuous service four additional weeks of PTO (and up to six weeks for employees who have been with the bank for at least 30 years). By the end of 2023, more than 10,000 staff had taken advantage of the program.
Fortune 100 Best Companies to Work For 2023 One of the world’s largest financial institutions, Bank of America serves individual consumers, small and middle-market businesses, and large corporations. Even with more than 170,000 U.S. employees, it still manages to focus on individual career development and mobility.
A team of talent mobility specialists serve as a resource to help employees identify new roles within the company, update their résumés, and prep for interviews. Thanks to this program, in 2021, half of the bank’s open roles were filled by internal candidates.
BoA raised its minimum wage to $22 in 2022, boosting the annualized salary for full-time employees to over $45,000. Its goal is to further raise wages to $25 by 2025.
In 2022, BoA’s employees were provided free lunch from September through November to celebrate their return to the office.
For the sixth year, Bank of America awarded over 95% of its employees across the globe with stock awards in addition to their compensation to celebrate the bank’s achievements.
“We give teammates many ways to get involved with employee networks and volunteer events,” a Bank of America employee said. “I am proud to work for Bank of America.”
Best Large Workplaces in Financial Services and Insurance 2023 Employees say:
"Love that we can all bring our whole selves to work. This no longer applies just to a specific race or to a specific gender, we can all feel secure with being who we truly are, professionally."
100 Best Large Workplaces for Women 2023 Employees say:
They do a great job creating support and opportunities both inside and outside of the company. Tuition assistance, family building assistance (outside of medical), and caregiver help all show that they understand people have lives outside of the company and they want to support them in those ventures just as much at their day to day job.
