What It Does: Bank of America specializes in financial services such as equities trading, wealth management, commodities trading, mortgage, loans, credit cards, asset management, mutual funds, and risk management.
Mission: Bank of America’s mission is to improve the financial lives of its clients and communities through the power of every connection.
Size and Presence: Bank of America has a workforce comprising more than 10,000 employees across four offices in Canada. Its offices include Montreal, Calgary, Vancouver, and Toronto.
Best Known For: In the 2018 edition of the Euromoney Institutional Investor’s Awards for Excellence, Bank of America was named the World's Best Bank. Bank of America is the 13th largest company globally in regard to market capitalization.
The Good Bits: Bank of America is one of the best nurturers of young talents in the industry. The bank has a conducive working atmosphere. Its employees are beneficiaries of numerous incentives and perks.
The Not-So-Good Bits: The job is very demanding and hectic. The pay can be better.
The origin of this bank goes to 1904 when Amadeo Pietro Giannini established the Bank of Italy in San Francisco. Eighteen years later, Bank of America was established in Los Angeles, and Giannini was one of its minority shareholders. In 1928, both banks entered into a merger agreement, creating the largest bank in the entire country. The bank was renamed Bank of America National Trust and Savings Association two years after the merger. In 1983, the company started expanding outside California. In 1958, the bank launched BankAmericard, which we know as Visa today.
BankAmerica Corp was established in 1956 as a holding company for Bank of America and its subsidiaries. In 1998, NationsBank purchased BankAmerica in a deal that was the largest bank acquisition at the time. The merged bank re-adopted "Bank of America" as its name. As of 2021, the Bank of America was the 12th largest bank by deposits.
Bank of America's culture is premised on the strength of shared interests among its employees; this makes it a community. Its core values include Delivering Together, Acting Responsibly, Realising the Power of the People, and Trusting the Team. The first value entails working together to meet and surpass customer expectations. This hinges on the efficiency of the collaborative workflow in the organization. The second value talks about adhering to a strict code of ethics and being professional. The third value is about respecting the wishes of its human resources and clients. The final value entails trusting its employees to make the right decisions and valuing their opinions. Bank of America is a hub of diversity and inclusion, which makes the working atmosphere welcoming for freshers and interns.
Bank of America is the ideal place for nurturing an illustrious career in banking. Its academy is a renowned and award-winning platform known to train, develop, and onboard bright talents. Its pathways program, which was introduced in 2018, targets prospective participants from low-income and middle-income communities and engages them in an immersive learning experience that will make them seasoned professionals. Finally, its Global Technology and Operations University seeks to upskill its employees and keep them in sync with industry trends.
The Bank of America receives applications through its job portal and then shortlists its applicants through phone screening. The next stage is a series of interviews which may include a face-to-face situation, a video interview, or a conference. After the interview comes the job offer and onboarding process.
A fresher working at BOA will earn an average salary of CA$ 50,000 yearly.
BOA offers incentives such as paid bereavement leave, child care, elder care, health benefits, employee assistance program, and retirement benefits.
BOA aims to achieve net-zero carbon emissions through its activities by 2050.