BofA CEO Says Banks Can’t Solve Inequality on Their Own

by birtanpublished on September 30, 2020

so brian let's turn to the question more
broadly of diversity inclusion at bank
of america i know that you've been a
champion this from the beginning
explain what you're doing this is
something that's very much in the mind
of people
with all of corporate america and
particularly with banks right now when
we look at this extension which there
really is diversity particularly as you
go
up the line in the organization yeah so
so if you think about if there's
diversity which we
we have which is representation and it's
inclusion which is more how i feel
when i work at bank of america but the
reason why we do all this
goes back to our you know our operating
principles of responsible growth we've
got to grow no excuses we've got to grow
with the right risk we've got to grow on
a customer-focused basis and we have to
grow on a sustainable basis and
sustainability means drive operational
excellence because that generates the
efficiencies to pay for everything we do
you share our success with our
communities back to your early
discussion
but most importantly be the best place
for people to work and so
to be the best place for people to work
you're going to be best place for
everybody to work
and so that's our basic view so dni has
been critical to bank of america for a
long period of time so
when we think about it you know we we
basically measured at every level in the
company and the business reviews my
teammates have with me
go down each level and what our goal is
is to have our
uh our teammate base at every level in
the company there's eight levels in our
company usb 13 and we brought it down to
eight going to your other question about
how you get a company more efficient
um at every level in this company the
diversity of the that level represents a
diverse society uh
so by by ethnicity in america uh and so
that's where the focus is so we watch
that
go up so we're very diverse in the top
six women on our board of directors to
african americans that's been
hispanic latino our management team the
people work for me are about half women
um our broader our management team uh is
is very diverse and we work through the
system and we know the pockets
we know exactly where we got to go uh we
put some announcements out
ndc did in the wealth management
business about where we need
opportunities to drive
a success um we know where the areas
were weaker
stronger in it is not mysterious it's
very granular and
i try to hold you know in that case andy
uh accountable and heals his direct
reports accountable and they hold their
direct reports accountable because this
goes right through the system
of how do we get to be diverse inclusion
is something else which is more about
how you feel and so we measure that
basically with it
about 15 15 years ago we were trying to
find out how do you measure inclusion
because it's you know
it's it's a it's a feeling and so we
went out and saw
sought whether other people could
measure it and we couldn't find any
measures so we said let's create a
measure
off a series of questions about how
people are doing
that we ask every year but on top of
that we had to say so what do we mean by
and uh the story was you know the team
wanted to go out and hire some
consultants i was not ceo it's just
but i was the head of global diversity
inclusion council then and the
you know the the team wanted to go out
and hire consultants and do it i said
let's just ask
our teammates what they think and so the
how we define
america is to find a bank of america is
defined by what a teammate said i want
to be able to come to bank of america
and bring who i am inside the door
and not have to leave it there and pick
it up on the way home and so that's
how we define it and so what we try to
do is achieve that feeling in our
teammates by having them know that
through the development
through their affinity groups they work
in through all different structures we
have
that no matter who they are they can
bring themselves through that door every
day at work and be as successful as they
want to be
and then take it home with

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