Kenneth D. Lewis
Chairman & CEO
Geri Thomas
Global Diversity & Inclusion
Executive |
Why It's No. 1: CEO Commitment to diversity is paramount. Bank of America's CEO, Kenneth D. Lewis, is personally responsible for appointing members of the diversity council and meets regularly with employee-resource groups. The diversity commitment is very strong across all the areas measured: Human Capital, CEO Commitment, Corporate Communications and Supplier Diversity. The company tracks GLBT suppliers, which only 22 percent of Top 50 companies and virtually no other companies do, and it audits its supplier-diversity numbers.
Description: Nation's first coast-to-coast bank, with more than 5,800 locations in 30 states.
From CEO Kenneth D. Lewis: "Our commitment to diversity is a commitment to individuals and to the team. It's about creating an environment in which all associates can fulfill their potential without barriers, and in which the team is made stronger by the diverse backgrounds, experiences and perspectives of individuals. It's about giving all of us--individually and together--the best possible chance to succeed."
Diversity Strengths: Forty-four percent of the company's work force is people of color, compared with 34 percent of the Top 50. Also, 55 percent of new hires are people of color, compared with 42 percent for the Top 50. But hiring is only the beginning. More telling is the company's unbiased retention. This is evident when examining company retention across its management structure. Bank of America retains 90 percent of its white managers, 90 percent of black managers, 89 percent of Asian managers and 88 percent of Latino managers.
Recent Diversity Success: Nominated Monica Lozano, publisher of the nation's largest Spanish-language newspaper, to the bank's board of directors. (Lozano is also board chair of the National Council of La Raza.)
More DiversityInc Articles on Bank of America:
New Law Mandates Diversity Training
Corporate America Starts to Get It: Hiring Students With Disabilities
Attracting Immigrants Via Wire Transfers
The Government's Failed Promise
Should Tier II Diversity Be Mandatory?
Gay-Friendly Shopping: Who Makes the List?
Why Your Company Needs Employee-Resource Groups
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Top 50 Rank: 1
Specialty Lists: No. 1 on the Top 10 Companies for Recruitment & Retention, No. 1 on the Top 10 Companies for Executive Women, No. 3 on the Top 10 Companies for Latinos, No. 6 on the Top 10 Companies for Supplier Diversity, No. 3 on the Top 10 Companies for GLBT Employees, and No. 8 on the Top 10 Companies for Asian Americans
Industry: Financial Services Main Competitors: Citigroup, Wachovia, Wells Fargo U.S. headquarters: Charlotte, N.C. Number of U.S. Employees: 203,425 Annual Revenue: $74.2 billion % of Operations Outside U.S.: 10 Key Personnel: Kenneth D. Lewis, chairman and CEO; Geri Thomas, global diversity and inclusion executive and global consumer and small-business banking staffing executive (For more on Geri Thomas, see page 66 of the March 2007 issue of DiversityInc magazine)
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