Bank Of America, Part 1
Three of the key issues or areas of expertise that Bank of America claims a leadership position include equality, diversity, and inclusion; financial technology and digital banking; and environmental, social and governance (ESG). In 2018 alone, Bank of America "mobilized, conservatively, more than $50 billion that impacted a key subset of the Sustainable Development Goals." Further details on these key issues/areas of expertise have been added to row 3 of the project spreadsheet.
Bank of America Areas of Expertise
- In the past 10 years, the company has deployed over $2 billion of philanthropic capital towards sectors and issues such as workforce development and education, community development, and basic needs.
- Bank of America has been ranked seven times in a row on the Dow Jones Sustainability Index (DJSI) North American Index. It has also been given awards by the U.S. Environmental Protection Agency (EPA) and the American Council on Renewable Energy (ACORE) for its efforts on green and renewable energy.
- As at March 2019, the Bank of America held 82 patents related to the blockchain and distributed ledger technology space, more than any other financial services firms including PayPal and MasterCard.
- Bank of America ranks second in terms of spending on banking technology, having budgeted $10 billion on IT spend for 2019 with $3 billion earmarked for new technology initiatives.
- Women's salary and compensation are on the average same as that of men 99% of the time for the same role. Similarly, the compensation received by minority staff members was 99% of the time similar to the compensation by non-minority staff members for the same role.
Key issues and/or areas of expertise that Bank of America claims a leadership position in were selected after a thorough examination of its website and annual report. The research team looked out for keywords such as "market leading," "leader in," "best in class," "top," and "award-winning," among others. Through this strategy, we were able to identify three key areas that the Bank of America's expertise shone through either through awards, investments in such areas, or the results achieved.