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Bank of America is expanding its skills-based hiring efforts, announcing Thursday that it will hire 1,000 additional apprentices over the next two years while investing $150 million in workforce development programs.
The Charlotte, North Carolina-based bank said the new apprenticeship positions will span consumer banking, technology, operations and other business areas, building on the more than 800 apprentices it already hires each year through paid work-based learning programs.
“This is one more way for us to do what we can to help create a skilled American workforce for tomorrow,” Brian Moynihan, chair and CEO of Bank of America, said in a statement.
“Our apprenticeship and workforce development programs underscore our continued commitment to expanding opportunity and helping talented individuals develop the skills to succeed.”
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Moynihan added, “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.”
The announcement comes as employers across industries increasingly adopt skills-based hiring practices that place less emphasis on college degrees.
Bank of America said about 40% of its current hires do not have a bachelor’s degree.
The bank has also committed to hiring 10,000 additional workers with military backgrounds over five years and another 8,000 people from community colleges.
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Alongside the hiring push, Bank of America said it will invest $150 million over the next five years in workforce development organizations that “equip individuals with in-demand skills and connect them to career opportunities.”
The commitment follows nearly $40 million the bank invested in workforce development last year through partnerships with more than 100 colleges and universities and over 600 nonprofits.
“American workers deserve the opportunity to build successful careers without leaving their hometowns,” Acting Secretary of Labor Keith Sonderling said in a statement.
“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,” Sonderling added.
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The apprenticeship expansion comes as Bank of America continues to invest in its workforce and the broader U.S. economy.
Last month, the bank unveiled a $250 billion initiative to finance infrastructure projects, including data centers, semiconductor facilities, power generation and transportation. Earlier this year, it also announced plans to hire nearly 4,000 summer interns and full-time campus recruits.
