Investing in Opportunity: Bank of America Expands Apprenticeships and Workforce Development Efforts

Bank of America recently announced it will hire 1,000 additional apprentices over the next two years and commit $150 million dollars 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. This 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.