Bank of America's Interns Will Be the Most Diverse in the Company's History
Over 1,500 new faces are entering the halls at Bank of America this month -- and they’re the most diverse in the firm’s history.
(Bloomberg) -- More than 1,500 new faces are entering the halls at Bank of America Corp. this month -- and they’re the most diverse in the firm’s history.
Women comprise 47% of the lender’s global summer intern class, up from 45% last year, while people of color make up 57% of the U.S. group, versus 55% in 2018, the bank said Friday in a statement. The interns were selected after the bank introduced first-round video interviews that enabled it to screen 20% more candidates from a broader range of schools. It also expanded recruitment at historically black colleges and universities, Hispanic-serving institutions and universities across Africa.
“If you’re trying to build an organization that is dynamic, creative and innovative, you have to have diversity,” said Chris Payton, a global talent acquisition executive at the Charlotte, North Carolina-based bank. “That jazzes me up.”
Wall Street banks have been under fire for a lack of diversity in their upper ranks. While many have pledged to promote more women and minorities, change has been slow. Earlier this year, Bank of America Chief Executive Officer Brian Moynihan told the House Financial Services Committee the firm has boosted management ranks to 54% women and people of color, and increased representation on its board.
The interns will spend 10 weeks at the bank. Their orientation, which began this week for those in the U.S., included wellness training for the first time, a tie-up with Arianna Huffington’s Thrive Global venture. The session was aimed at helping the interns balance work and life during what can be an intense period in which they’re competing for job offers.
“Looking out at an audience that is so diverse is very rewarding,” Lizzy Schoentube, the bank’s head of campus recruiting in New York, said after greeting U.S. interns earlier this week. “They’ll all be on the desk as of Monday, and we look forward to seeing how they do.”
Asia-Pacific region interns start on June 10 and those in Europe, the Middle East and Africa will begin on June 17.
To contact the reporter on this story: Lananh Nguyen in New York at lnguyen35@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Dan Reichl, Andrew Pollack
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