Bank of America has announced new initiatives aimed at supporting American workers, with a particular focus on military veterans and community college graduates in the Fresno region and nationwide.
The company is increasing its commitment to hiring individuals with military backgrounds, pledging to add 10,000 more veterans over the next five years. This follows a previous decade-long effort that resulted in the hiring of more than 20,000 veterans. “Our military hiring commitment 10 years ago resulted in hiring more than 20,000 veterans and we are excited to increase that number by 50%,” Bank of America stated.
The bank highlighted the transferable skills of military servicemembers, such as discipline and adaptability, which it says are valuable in banking and finance roles. Pete Puga, a Central Valley employee who served with the National Guard before joining Bank of America as an entry-level relationship banker, was cited as an example. After utilizing company benefits to pursue required certifications, Puga now works as a financial solutions advisor in Hanford, managing millions in client assets.
In addition to its veteran-focused efforts, Bank of America is raising its minimum hourly wage to $25 and plans to hire 8,000 additional employees from community and junior colleges across its financial centers nationwide over the next five years. The bank emphasized its ongoing collaboration with local educational institutions to create employment pipelines for graduates.
Bank of America noted that its starting wage has increased from $15 in 2018 to $25 today—a nearly 67% rise—surpassing average entry-level pay rates in California and Fresno. According to Zip Recruiter data referenced by the company, entry-level jobs in these areas typically start around $16.50 per hour.
“This wage increase also ensures that many of our entry level employees will now earn over $50,000 annually. For areas like Fresno and Visalia, with more than 300 BofA employees and 22 financial centers, which house many of our entry level roles, this pay increase can have positive benefits locally,” the statement read.
The bank said that competitive wages combined with benefits and opportunities for advancement provide a foundation for long-term careers within the company. It also pointed out research indicating that higher earnings can lead people to spend more locally and invest further in their communities.
“Our hope is that by being at the forefront of more opportunities for more American workers, Bank of America can help inspire others to invest in their employees. That way, together, we can strengthen the workforce, lift up communities and build a more resilient economy,” according to Bank of America.
