Bank of America will hire 1,000 additional apprentices over the next two years and invest $150 million in workforce development programs over five years, as the bank expands skills-based hiring across the United States.
The new apprenticeship positions will span consumer banking, technology, operations and other business areas. The initiative builds on Bank of America’s existing programs, through which the bank hires more than 800 apprentices each year for paid, work-based learning opportunities.
The Charlotte, North Carolina-based financial institution said the expanded program is designed to create pathways to long-term careers for workers entering the workforce through nontraditional routes, including positions that do not require a bachelor’s degree.
Bank of America said about 40% of its current hires do not have a bachelor’s degree, reflecting its broader shift toward skills-based hiring. The bank has also committed to hiring 10,000 additional people with military backgrounds over five years and 8,000 individuals from community colleges.
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“This is one more way for us to do what we can to help create a skilled American workforce for tomorrow,” Bank of America Chair and CEO Brian Moynihan said.
He said the bank’s apprenticeship and workforce development programs are intended to expand opportunities for people to develop skills needed for long-term careers.
The $150 million commitment will support workforce development organizations that provide training, career preparation and connections to employment. Bank of America said the investment will be made over five years and will build on nearly $40 million it invested in workforce development initiatives in 2025.
That 2025 investment involved partnerships with more than 100 universities and community colleges and more than 600 nonprofit organizations across the bank’s U.S. markets. According to Bank of America, its workforce partners estimated that the 2025 investments helped connect about 86,400 people to livable-wage jobs and provided 265,000 people with access to training, education and career-readiness programs.
Acting Labor Secretary Keith Sonderling welcomed the new commitment, saying apprenticeship and workforce development programs can help prepare workers for high-skilled jobs while addressing employers’ workforce needs.
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Bank of America is also investing in internal training through The Academy, its workforce training and skills organization. The program provides employees with training, coaching and hands-on experiences as job requirements evolve, including as artificial intelligence and other technologies reshape workplaces.
The bank said its apprenticeships generally run for about 12 months and combine paid on-the-job experience with structured training. Apprentices can potentially transition into regular, non-apprentice positions and may earn industry-recognized credentials or licenses.
The announcement comes as U.S. employers increasingly emphasize skills and practical experience alongside traditional educational credentials. Bank of America’s latest investment places its apprenticeship expansion alongside its broader efforts to connect workers, colleges, nonprofits and employers to emerging career opportunities.