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Bank of America has internally promoted 387 employees to managing director positions in 2024, marking a 16% increase from last year’s total of 334.
The move highlights the firm’s commitment to fostering diversity, equity, and inclusion (DEI) within its leadership ranks.
For the fifth consecutive year, more than half of the promotions were awarded to women and people of color, according to one source. Despite ongoing criticism of DEI programmes Wall Street continues to address long-standing criticisms of gender and racial disparities, particularly in senior-level roles.
Internal promotion opportunities
The latest round of internal promotions comes as Bank of America positions itself for a rebound in mergers, acquisitions, and initial public offerings (IPOs) in 2024. Dealmakers across major US banks anticipate a more favorable regulatory climate under President-elect Donald Trump, combined with lower interest rates, which are expected to spur activity in the financial sector.
Brian Moynihan, CEO of Bank of America, expressed optimism about the institution’s growth trajectory during an industry conference earlier this week, highlighting a projected 25% year-over-year increase in investment banking fees for the fourth quarter and pointed to resilience among US consumers, which could mitigate fears of an economic slowdown in the near term.
DEI progress
Bank of America’s continued focus on DEI aligns with broader industry trends aimed at diversifying leadership pipelines. Efforts to bridge representation gaps have become a priority as financial institutions face scrutiny over workplace inequities.
The initiatives appear to be yielding results, as evidenced by the increased diversity in its senior ranks. The financial sector, however, remains under pressure to ensure the measures translate into tangible, long-term cultural and operational changes.
Positive sector momentum
The promotions come on the heels of a strong financial performance by Bank of America. In October, the second-largest US lender reported better-than-expected quarterly profits, and shares have surged 36% this year, outpacing broader banking sector indices, which have gained 39%.
As Bank of America’s commitment to internal promotions and DEI could serve as a model for competitors aiming to balance operational growth with inclusive leadership practices. By prioritizing equity in career advancement, the institution is signalling its intent to remain a leader in both financial and social metrics.
