How woke is Bank of America?

Introduction

Bank of America (BoA) has been a household name in finance for years, but lately, they’ve been making headlines for reasons that have nothing to do with interest rates or checking accounts. BoA is doubling its commitment to woke ideologies, pushing progressive causes left and right. 

Are they genuinely trying to make a difference, or are they simply jumping on the bandwagon to win some brownie points? Let’s look at how BoA stacks up in the woke department.

Financial Contributions to Progressive Causes

In 2021, they pledged a whopping $1.25 billion to advance racial equality and economic opportunity over five years. On the surface, this might sound like a noble gesture, but let’s not kid ourselves. It’s no secret that throwing cash at trendy social issues is a great way to score PR points these days. 

Not stopping there, their Political Activities Report reveals that they’re backing political candidates and organizations that support social justice and climate change. And if that wasn’t enough, they also have their Charitable Foundation Funding page showing they support nonprofits working on “complex societal issues.” 

Prioritization of DEI Policies

Cynthia Bowman, BoA’s Head of DEI, proudly states, “We are focusing on increasing representation at all levels of the company and developing a culture where all employees feel valued, included, and supported to reach their full potential.”

In addition, Euromoney named BoA The World’s Best Bank for Diversity and Inclusion 2023, which they proudly flaunt as a badge of honor. And, if you check out BoA’s Diversity & Inclusion page, you’ll find the usual corporate jargon about “attracting, retaining, and developing diverse talent.” 

Mandatory Training Sessions

I dug deep but couldn’t find specific details on whether Bank of America forces its employees into endless hours of unconscious bias or critical race theory training. Given their involvement with DEI, I wouldn’t be surprised if these sessions exist behind closed doors. 

Support for LGBTQ+ Initiatives

Bank of America’s LGBTQ+ Equality page reads like a rainbow manifesto. It declares its longstanding commitment to LGBTQ+ equality and its unwavering support for initiatives that advance equality and inclusion within the communities where they live and work.

BoA also partners with Out & Equal, a group that helps with leadership development for LGBTQ+ individuals. 

Marketing and Branding

BoA’s marketing strategy aligns closely with its goal to drive societal impact through financial empowerment, focusing on diversity, inclusion, and climate change. They make sure you get a little dose of woke messaging when you see their brand.

Conclusion

Bank of America has made its intentions towards the woke movement very clear through; pouring billions into progressive causes, flaunting its DEI accolades, or proudly supporting LGBTQ+ initiatives. While some will applaud BoA for being “on the right side of history,” others will roll their eyes and see it as another corporate giant playing the woke game to stay relevant.