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Bank of America Overview

The Bank of America Corporation is an American multinational investment bank and financial services company based in Charlotte, North Carolina, with central hubs in New York City, London, Hong Kong, Minneapolis, and Toronto. Bank of America was formed through NationsBank's acquisition of BankAmerica in 1998.
The staff at Bank of America come from unusually diverse demographic backgrounds. The company is 56.2% female and 46.9% ethnic minorities. Bank of America employees are slightly more likely to be members of the Democratic Party than the Republican Party, with 61.1% of employees identifying as members of the Democratic Party. Despite their political differences, employees at Bank of America seem to be happy. The company has great employee retention with staff members usually staying for 3.9 years. The average employee at Bank of America makes $47,600 per year. Pay at Bank of America is significantly lower than some of its highest paying competitors, like Raymond James, Citizens Financial Group, and American Express, which pay $82,378, $80,535, and $77,853, respectively.
Bank of America is an industry leader with 204,489 employees and an annual revenue of $91.2B that is headquartered in Charlotte, NC.

The Organization’s Mission

We are driving growth – helping to create jobs, develop communities, foster economic mobility and address society's biggest challenges – while managing risk and providing a return to our clients and our shareholders. Because we recognize that we can only be successful when the individuals, companies, communities and employees we serve are able to reach their vision of success.

Perks of Working at Bank of America

Ensuring their employees' needs are met, Bank of America offers them a comprehensive benefits package that includes medical, dental and vision coverage for employees and their eligible family.

Industry

Investment Banking

Revenue

$91.2B

Employees

204,489

Founded in

1998

Headquarters

Charlotte, NC

Website

bankofamerica.com

Organization Type

Public

Is This Your Company?

The Team At Bank of America

Key People
  • Brian Moynihan (Chairman and CEO)
  • Jeff Hedgepath (Manager)
The Inside Scoop
A leader in the banking industry, Bank of America provides financial products and services for their customers and clients throughout the United States. This reputable bank is guided by a common purpose which is to help make financial lives better by connecting clients and communities to the resource they need to be successful.
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The Culture At Bank of America

Information provided by the company
Believes diversity makes us stronger so we can reflect, connect and meet the diverse needs of our clients and employees around the world.. Is committed to building a workplace where every employee is welcomed and given the support and resources to perform their jobs successfully.. Wants to be a great place for people to work and strives to create an environment where all employees have the opportunity to achieve their goals.. Provides continuous training and development opportunities to help employees achieve their career goals, whatever their background or experience.. Is committed to advancing our tools, technology, and ways of working to better serve our clients and their evolving business needs.. Believes in responsible growth and is dedicated to supporting our communities by connecting them to the lending, investing and giving them what they need to remain vibrant and vital.
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Provides continuous learning and developmental opportunities to help people achieve their goals, whatever their background or experience.. Believes diversity makes us stronger, so we can reflect, connect to and meet the diverse needs of our clients and customers around the world.. Is committed to advancing our tools, technology, and ways of working.
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Merrill Lynch's financial advisors help clients pursue the life they envision through a one-on-one relationship with an advisor committed to their needs. We believe trust comes from transparency. Our trusted financial advisors are equipped with access to the investment insights of Merrill Lynch coupled with the banking convenience of Bank of America.
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If you are passionate about helping clients reach their goals and interested in a career in investments, consider becoming a Merrill Edge Financial Solutions Advisor. We're looking for the next generation of financial advisors-those with a passion for people and drive to build a business that makes their financial lives better.
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Few things impact people's lives as much as their finances. Make a difference where it counts by joining our industry-leading wealth management team at Bank of America and Merrill Lynch. We're looking for the next generation of financial advisors-those with a passion for people and drive to build a business that makes their financial lives better.
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Bank of America Reviews

Zippia Official Logo

5.0

Zippia UserMarch 2021

5.0

Zippia Official LogoZippia UserMarch 2021

What Do You Like About Working There?

Excellent benefits, inclusive environment, great people to work with, and many opportunities. Show More

What DON'T You Like About Working There?

No flexibility on work from office and colocation stance even though in reality you work with people across the country and the world when completing projects. They offer little support to no support learning opportunities outside of a traditional college or university setting. Show More

What Are Your Favorite Benefits/Perks?

Health benefits Show More
Zippia Official Logo

4.0

Zippia UserDecember 2020

4.0

Zippia Official LogoZippia UserDecember 2020

What Do You Like About Working There?

People are overall quite nice and helpful Show More

What DON'T You Like About Working There?

Decisions could take a long time to make Show More

What Are Your Favorite Benefits/Perks?

4 months paid maternity/paternity leave is awesome Show More
Zippia Official Logo

4.0

Zippia UserDecember 2020

4.0

Zippia Official LogoZippia UserDecember 2020

What Do You Like About Working There?

Benefits, federal holidays, variety of tasks, I use my hands but also my brain Show More

What DON'T You Like About Working There?

Rude customers, sales, being in management Show More

What Are Your Favorite Benefits/Perks?

Federal holidays Show More
Zippia Official Logo

5.0

Zippia UserDecember 2020

5.0

Zippia Official LogoZippia UserDecember 2020

What Do You Like About Working There?

I like the system and clientele. I like the experience of different customer relationships. Show More

What DON'T You Like About Working There?

n/a Show More

What Are Your Favorite Benefits/Perks?

401K Show More
Zippia Official Logo

5.0

Zippia UserDecember 2020

5.0

Zippia Official LogoZippia UserDecember 2020

What Do You Like About Working There?

Excellent salary, benefits, PEOPLE. Very diverse and very friendly... big on kudos. Show More

What DON'T You Like About Working There?

Tribalism - cross group/business unit communication and cooperation are often lacking. Show More

What Are Your Favorite Benefits/Perks?

Health Insurance, Hours, PTO, and the environment as a whole Show More
Anonymous review of Bank of America

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Bank of America Rankings

Bank of America is ranked #59 on the Best Finance Companies to Work For in America list. Zippia's Best Places to Work lists provide unbiased, data-based evaluations of companies. Rankings are based on government and proprietary data on salaries, company financial health, and employee diversity.

Read more about how we rank companies.

Bank of America Salaries

How much does Bank of America pay?
The national average salary for a Bank of America employee in the United States is $47,600 per year. Employees in the top 10 percent can make over $96,000 per year, while employees at the bottom 10 percent earn less than $23,000 per year.
9.2
Salary Score
Average Employee Earnings

Bank of America Salaries By Job Title

While the average employee salary at Bank of America is $47,600, there is a big variation in pay depending on the role. The higher paying positions at Bank of America include team leader, specialist-small business, senior java developer, and senior software engineer. A worker with the title team leader salary at Bank of America can earn an average yearly salary of $111,537. Some of the other roles at Bank of America are customer service representative and cashier. A worker with the title customer service representative at Bank of America earns an average salary of $20,003 per year.
Job Title
Title
ascdesc
Average Salarydesc
Team Leader
Salary Range102k - 121k$112k$111,537
Specialist-Small Business
Salary Range100k - 123k$112k$111,515
Senior Java Developer
Salary Range95k - 118k$106k$106,309
Senior Software Engineer
Salary Range94k - 113k$104k$103,715
Support Lead
Salary Range86k - 111k$98k$98,303
Lead Operator
Salary Range96k - 99k$98k$98,002
Assistant Vice President Operations
Salary Range92k - 103k$98k$97,579
Sales Associate
Salary Range86k - 108k$97k$96,919
Loan Officer
Salary Range82k - 92k$87k$87,279
Business Analyst
Salary Range76k - 98k$87k$86,876
$35k
$123k

Bank of America Careers

On average, employees at Bank of America stay with the company for 3.9 years. Employees most commonly join Bank of America after leaving Wells Fargo. When they leave Bank of America, they most frequently get their next job at Wells Fargo.

Average Length of Employment

Wells Fargo
2.9 years
U.S. Bank
2.8 years

Top Employers Before Bank of America

Citi
10.5 %

Top Employers After Bank of America

Citi
8.7 %

Bank of America Employee Demographics

9.8
Diversity Score
We calculated the diversity score of companies by measuring multiple factors, including the ethnic background, gender identity, and language skills of their workforce.

Bank of America Employees Education

Of the 204,489 employees at Bank of America, 7.9% attended Arizona State University. Employees at Bank of America most frequently majored in Business, and most employees’ highest level of education is a Bachelors.

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Bank of America Employee Political Affiliation

Bank of America employees are most likely to be members of the Democratic Party. The largest donation made to a political party by a Bank of America employee was by Thomas Montag. Thomas Montag donated $954,651 to the Republican Party.

Employee Political Donations

NameascdescJob TitleascdescPartyascdescDonationascdesc
Thomas MontagChief Operating Officer
Thomas Montag
Chief Operating Officer
Chief Operating Officer
Republican Party
Republican Party
$954,651Republican Party
$954,651
Mark FiddesBanker
Mark Fiddes
Banker
Banker
Republican Party
Republican Party
$156,700Republican Party
$156,700
Tom MontagChief Operating Officer
Tom Montag
Chief Operating Officer
Chief Operating Officer
Republican Party
Republican Party
$152,000Republican Party
$152,000
Laurie CampbellManaging Partner
Laurie Campbell
Managing Partner
Managing Partner
Democratic Party
Democratic Party
$136,776Democratic Party
$136,776
Anne FinucaneVice Chairperson
Anne Finucane
Vice Chairperson
Vice Chairperson
Democratic Party
Democratic Party
$112,000Democratic Party
$112,000
Thomas PetrieFinance Analyst
Thomas Petrie
Finance Analyst
Finance Analyst
Republican Party
Republican Party
$104,550Republican Party
$104,550
Paul CritchlowInvestment Banker
Paul Critchlow
Investment Banker
Investment Banker
Democratic Party
Democratic Party
$87,200Democratic Party
$87,200
Chris FinkInvestment Banker
Chris Fink
Investment Banker
Investment Banker
Democratic Party
Democratic Party
$64,000Democratic Party
$64,000
Harry McMahonInvestor
Harry McMahon
Investor
Investor
Republican Party
Republican Party
$44,700Republican Party
$44,700
Thomas Patrick JrInvestments
Thomas Patrick Jr
Investments
Investments
Republican Party
Republican Party
$40,800Republican Party
$40,800
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Bank of America Employment Videos

Bank of America Financial Performance

9.9
Performance Score
We calculated the performance score of companies by measuring multiple factors, including revenue, longevity, and stock market performance.

Revenue

> $1B

Founded in

1998

Organization type

Public

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Bank of America Subsidiaries

Subsidiaries to Bank of America include MC CLEARY STATE BANK, Countrywide Home Loans, and Card Processing Reseller. Employees at the parent company, Bank of America, earn $47,600. In comparison, the salaries at MC CLEARY STATE BANK, Countrywide Home Loans, and Card Processing Reseller are $69,139, $59,630, and $56,649.
Company
ascdesc
Average Salarydesc
MC CLEARY STATE BANK
Salary Range50k - 94k$69k$69,139
Countrywide Home Loans
Salary Range45k - 77k$60k$59,630
Card Processing Reseller
Salary Range42k - 74k$57k$56,649
BAC North America Holding Company
Salary Range42k - 74k$57k$56,649
UST
Salary Range34k - 76k$51k$51,431
Fleet NJ Community Development
Salary Range35k - 74k$51k$51,201
Fleet Pennsylvania Services
Salary Range35k - 65k$48k$47,915
BAC Services Company
Salary Range28k - 72k$45k$45,489
The Littleton Group
Salary Range33k - 59k$44k$44,250
BANA Holding
Salary Range25k - 63k$40k$40,498
$21k
$94k

Bank of America Competitors

Competitors of Bank of America include Raymond James, Citizens Financial Group, and American Express. Employees at Raymond James earn more than most of the competition, with an average yearly salary of $82,378. Employees at Citizens Financial Group earn an average of $80,535 per year, and the employees at American Express earn an average salary of $77,853 per year.
Companydesc
Average Salarydesc
Raymond James
Salary Range59k - 114k$82k$82,378
Citizens Financial Group
Salary Range61k - 106k$81k$80,535
American Express
Salary Range56k - 107k$78k$77,853
JPMorgan Chase
Salary Range48k - 96k$68k$67,986
Citi
Salary Range46k - 97k$67k$67,460
Capital One
Salary Range46k - 87k$64k$63,924
American Financial Group
Salary Range43k - 89k$62k$62,075
Countrywide Home Loans
Salary Range45k - 77k$60k$59,630
The Hartford
Salary Range37k - 74k$53k$52,511
KeyBank
Salary Range36k - 75k$52k$52,142
$25k
$114k

Frequently Asked Questions about Bank of America

When was Bank of America founded?

Bank of America was founded in 1998.

How many Employees does Bank of America have?

Bank of America has 204,489 employees.

How much money does Bank of America make?

Bank of America generates $91.2B in revenue.

What industry is Bank of America in?

Bank of America is in the investment banking industry.

What is Bank of America's mission?

Bank of America's mission statement is "We are driving growth – helping to create jobs, develop communities, foster economic mobility and address society's biggest challenges – while managing risk and providing a return to our clients and our shareholders. Because we recognize that we can only be successful when the individuals, companies, communities and employees we serve are able to reach their vision of success."

What type of company is Bank of America?

Bank of America is a public company.

Who are Bank of America's competitors?

Bank of America competitors include Wells Fargo, U.S. Bank, JPMorgan Chase, Citizens Financial Group, Fifth Third Bank, KeyBank, SunTrust Banks, Capital One, Countrywide Home Loans, The PNC Financial Services Group, Bank of the West, Citi, Regions Financial, M&T Bank, BB&T, American Express, The Hartford, WASHINGTON MUTUAL CARD SERV, American Financial Group, Raymond James.

Who works at Bank of America?

Brian Moynihan (Chairman and CEO)

Jeff Hedgepath (Manager)

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Updated December 31, 2020

Zippia gives an in-depth look into the details of Bank of America, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Bank of America. The employee data is based on information from people who have self-reported their past or current employments at Bank of America. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions, or for the results obtained from the use of this information. The data presented on this page does not represent the view of Bank of America and its employees or that of Zippia.

Bank of America may also be known as or be related to BANK OF AMERICA CORP, Bank Of America, Bank of America, Bank of America Corporation and bank of america merrill lynch.