Bank of America plans to hire 1,000 additional apprentices over the next two years, expanding its skills-based hiring initiatives. This commitment is in addition to the 800 apprentices the company already hires annually. The bank will also invest $150 million over five years in workforce development organizations.
Bank of America's continued investment in apprenticeships and early-career hiring signals a strategy to cultivate talent and maintain headcount amidst technological advancements like AI, potentially offering a counterpoint to broader industry trends of job displacement.
Bank of America announced on Thursday plans to hire an additional 1,000 apprentices over the next two years, as part of an expansion of its skills-based hiring initiatives. This commitment is in addition to the more than 800 apprentices the company already hires annually across its various business areas. The new apprenticeships will be targeted at individuals who do not possess a four-year college degree.
As part of this effort, Bank of America will invest $150 million over the next five years in organizations dedicated to workforce development. These funds are intended to help individuals acquire job-ready skills and connect with employment opportunities. The investment will also support local organizations, universities, community colleges, and nonprofit groups focused on workforce training.
Separately, Bank of America is also hiring approximately 2,000 summer interns and 2,000 full-time college recruits, according to Bloomberg. Josh Bronstein, the bank's head of global talent, stated that these programs are crucial for developing future leaders within the company, and that the bank's hiring needs remain consistent despite technological advancements like AI. CEO Brian Moynihan emphasized the company's ongoing need for young talent and its commitment to creating opportunities.
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