Bank of America has announced plans to hire 1,000 additional apprentices over the next two years and invest $150 million in workforce development organizations over five years. The initiative will expand access to employment and professional training opportunities across the United States while supporting the bank’s broader skills-based hiring strategy.
The commitment, announced during National Workforce Development Month, will support apprenticeship opportunities in Consumer Banking, Technology, Operations, and other client-facing business areas.
The additional hiring is separate from the more than 800 apprentices Bank of America already hires annually through its existing programs.
The expansion is intended to create additional pathways into financial services careers for individuals who may not have traditional educational backgrounds or established professional networks.
Bank of America has increasingly emphasized recruiting employees based on skills, experience, and professional potential rather than relying exclusively on academic qualifications.
According to the company, approximately 40% of its hires do not hold a bachelor’s degree.
The new apprenticeship commitment will build on that approach by offering structured employment opportunities that combine paid work experience with training and professional development.
Unlike conventional internships, which typically last approximately 10 weeks, Bank of America’s apprenticeship programs generally last around 12 months.
Participants receive on-the-job experience alongside structured training designed to prepare them for longer-term employment.
The programs can also lead to industry-recognized credentials or professional licensing and may create opportunities for apprentices to transition into permanent non-apprentice positions.
Bank of America intends to expand its existing apprenticeship programs while evaluating additional business functions where it could introduce similar training models.
The initiative complements several other workforce recruitment commitments already underway.
These include the bank’s previously announced plans to hire 10,000 additional people with military backgrounds over five years and 8,000 individuals from community colleges.
Bank of America also emphasized its compensation strategy, noting that employees earn at least $50,000 annually.
Alongside the apprenticeship expansion, the company will direct $150 million over five years toward workforce development organizations operating in communities across the United States.
The funding will support organizations that provide employment preparation, professional training, career coaching, and connections to employers.
The company plans to work with local organizations to align training programs with the evolving skills businesses need.
Its new commitment builds on approximately $40 million invested in workforce development during 2025.
Those investments involved partnerships with more than 100 universities and community colleges and over 600 nonprofit organizations across Bank of America’s U.S. markets.
The bank has not yet identified every organization that will receive funding through the new five-year commitment. The bank will determine individual investments based on local workforce needs and available opportunities.
Bank of America is also investing in training for its existing workforce as technology changes job requirements.
Through The Academy, its internal training and professional development organization, employees can access coaching, educational resources, and practical learning experiences.
These programs support career development and help employees adapt as artificial intelligence and other technologies change business operations.
The combination of new apprenticeships, external workforce development funding, and internal employee training expands Bank of America’s efforts to recruit and develop talent through multiple employment pathways.
KEY QUOTE:
“This is one more way for us to do what we can to help create a skilled American workforce for tomorrow. 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.”
Brian Moynihan, Chair And CEO Of Bank Of America
