“At Bank of America, we have a long-standing commitment to diversity and inclusion,” said Larry Otto, Bank of America Missouri state president and St. Louis market president.
“We realize the power of our peopleandstrive to ensure an inclusive workplace where every employee is respected, empowered and rewarded for good work.”
Bank of America’s diversity programs include a Diversity Executive Recruiting team, which identifies prospective executives and connects talent to leaders within the organization; a Supplier Diversity and Development program, which focuses on partnering with suppliers who are minorities, veterans, women, lesbian, gay, bi-sexual or transgender and those with disabilities; and Employee Networks, which encourage employees with similar backgrounds and interests to connect and volunteer.
Bank of America has a Black Executive Leadership Council that meets quarterly to discuss the attraction and retention of black executives, as well as the development of the pipeline of future black executives.
As part of its 12 Employee Networks, the Black Professional Group provides opportunities for employees to grow and celebrate African-American, West Indian, Caribbean and African cultures and enhance the professional development of black employees. The Leadership, Education, Advocacy & Development (LEAD) Group for Women and the Military Support &Assistance Group are also part of the network.
Bank of America also has established partnerships with 12 diverse colleges and universities and actively recruits at 200 schools globally with targeted diversity efforts. Further, its military and veteran recruiting team partners with a variety of organizations to find talented military service members, military spouses and veterans.
The American recently spoke with local leaders about the global corporation’s commitment to fostering a fully inclusive environment. Included in the conversation were Michelle Tucker, senior vice president, Global Marketing and Corporate Affairs, market manager – St. Louis;Christopher Terry, Custom Residential Real Estate Credit executive in the Merrill Lynch/GWIM Credit & Banking Group; and Craig Fowler, managing director of BAML Capital Access Funds Management, LLC.
The American: What do you do in your current positions?
Michelle Tucker: I collaborate with our market president and provide oversight to our sponsorship budget and our philanthropic and community outreach efforts across Missouri and Illinois. On a day-to-day basis, I’m meeting with non-profits and trying to figure out ways we can better partner with them to develop improvement plans and strategies.
Christopher Terry: I work with Merrill Lynch financial advisors and clients, focusing specifically on their balance sheet. My job within our group is to use liability management in order to help grow their net worth.
Craig Fowler: I invest in private equity funds throughout the country that target diverse emerging managers. I also invest in funds that target companies that are often overlooked or underserved by traditional private equity investors, companies that are either owned by ethnic minorities or women or located in urban or rural areas.
The American: What diversity initiatives have you been involved with at Bank of America?
Christopher Terry: Craig, Michelle and I are advisors for the Bank of America Black Professional Group St. Louis Chapter.
Craig Fowler: I am also involved with the Black Executive Leadership Council that looks at the professional development of black professionals within Bank of America.
Michelle Tucker: I was a part of the founding leadership team for the Black Professional Group, and one of the original chairs. I’ve acted as chair, head advisor or market sponsor over the past seven years. I also serve as an advisor for our LEAD for Women Group and our Military Support & Assistance Group.
The American: How would you describe the climate of diversity in the workplace?
Craig Fowler: I would describe the climate as excellent. The majority of our group is diverse. Five out of eight individuals that run our day-to-day private equity fund business are diverse individuals.
Again, [diversity] is a part of what we do in our day-to-day job, but it’s important within our own team makeup because it helps us execute our job. We have to know a diverse networks of business owners and private equity fund managers in order to locate and find the right private equity funds to invest in.
Christopher Terry: I would say the diversity makeup has improved greatly. Our manager over the last two years has done has done a fantastic job to make sure our diversity makeup is what we want it to be.
It is very important that we look this way based upon the clientele we meet with, not only within the firm, but also externally when making sure clients understand what Bank of America is all about.
Michelle Tucker: Diversity and inclusion is essential to the core values of our company. Across the nation, we include diverse perspectives. A good example of that is the Employee Networks.
The American: Specifically, what efforts has Bank of America made to make you feel included as minority business leaders?
Christopher Terry: I’ve been with Bank of America for 24 years. It was day one that I felt very included. The firm has done a fantastic job making sure that I feel diversity works really well. I’ve talked to friends and associates at other companies, and it’s definitely different. I think we’re on the good side of that different.
Craig Fowler: I’ve been here 17 years. You certainly are given the freedom and autonomy to do things that support minority business causes. We’ve done some things locally, such as an entrepreneurship seminar geared towards MBEs. I worked at a local bank for 15 years, and the difference is stark in how diversity is handled in this institution versus the institution I used to work at. It is encouraged, it is promoted and you have a lot of autonomy and freedom to do things that promote diversity.
Michelle Tucker: I’ve also been here 17 years. Our longevity speaks volumes when we talk about a company we believe in and that supports us in our careers. Back when I was involved with BPG, the local leadership team embraced and encouraged the startup because they wanted to focus on professional development and they wanted to support diverse individuals who wanted to get serious about their careers. Over the years, the leadership team has been very supportive of external efforts focused on diversity.
The American: How important was it for you to work for a company committed to diversity?
Christopher Terry: When I graduated college, I knew I wanted to work for a large company where meritocracy rules. I chose Bank of America because I knew that people there liked what they were doing. The leadership at the company really strived to make sure that their employees felt very welcome.
Craig Fowler: It was important for me to be in an organization where I felt I could advance my career and where diversity would not be viewed as an issue or an impediment, but as something positive.
Michelle Tucker: I felt good about joining a company that valued my perspective and my opinions. At the time, I also had a staff that reflected things about me, so I appreciated the diverse environment.
The American: Why do you think Bank of America strongly emphasizes the need for diversity and inclusion?
Christopher Terry: One, it’s the right the thing to do and two, economically, it’s necessary. The reason that other firms are moving towards becoming more diverse is that they figured out that from a talent perspective, they need to actually do it to attract top talent. They also want to make sure that their associates like to be there; it’s a retention effort.
Craig Fowler: Good business is smart business; the bank wants the employee base to look like its customer base. The makeup of our team is majority diverse, so there’s no need to go out and source diverse private equity funds because we have diversity on our team.
The organization realizes that it’s better when there’s a diversity of opinions and viewpoints involved in running the organization. They’ve proven that not only with the employee base, but with the makeup of the board of directors as well.
Michelle Tucker: We’ve got a diverse client base and we are trying to meet the need of a diverse community. It just makes sense for us to have a workforce that reflects that and that is able to bring that perspective into focus and come up with new ways to better service those clients in our community.
Diversity at Bank of America by the numbers:
- In 2012, 44 percent of its 227,751 U.S. employees were of diverse races and ethnic backgrounds, and 61 percent were female
- 30 percent of its U.S. officers and managers were of diverse races and ethnic backgrounds, and 48 percent were female
- 22 percent of its Board of Directors members were of diverse races and ethnic backgrounds, and 22 percent were female