CHARLOTTE, North Carolina, February 10, 2022 /PRNewswire/ — Bank of America today announced that more than 200 of its corporate and corporate clients across the United States, representing nearly 3 million employees, have adopted its Corporate Employee Banking and Investing program. Introduced in early 2020, this program was created to help large and medium-sized businesses better support day-to-day banking1ready1 and invest2 needs of their employees and help improve the overall financial well-being of their workforce.
“Corporate Employee Banking and Investing is a powerful solution that extends workplace financial wellness programs beyond education and benefits plans – getting right to the heart of helping employees manage and improve their day-to-day financial lives,” said Aron Levin, President, Preferred Banking at Bank of America. “We are thrilled with the early adoption by our enterprise and commercial customers, and the feedback they have shared about the positive impact the program is having on their workforces.”
“We are proud to support our colleagues and their families with comprehensive benefits and participating in this program is just another way to do that,” said Jennifer Berres, Senior Vice President and Chief Human Resources Officer of HCA Healthcare. “This partnership helps provide our colleagues with affordable banking services, including reduced fees, so they can better pursue their personal financial goals.”
According to Bank of America’s 2021 Workplace Benefits Report, 95% of employers feel responsible for the financial well-being of their employees. This research study, conducted annually for more than a decade, also found that employers are expanding workplace wellness programs beyond retirement planning to address a wider range of financial topics. For example, 45% of employers now offer support to develop good financial habits, compared to 39% in 2020, and 42% offer access to financial products or services, compared to 33% in 2020.
Corporate Employee Banking and Investing launched nationwide in 2020 as part of the company’s broader Financial Life Benefits® program. Financial Life Benefits offers a range of employee benefits and solutions designed to help meet the short and long term financial needs of employees. This comprehensive package bundles traditional financial benefits – including pension plans2health savings2equity compensation2 and non-qualified deferred compensation plans2 – with a range of banking and lending capabilities from Bank of America and investment capabilities from Merrill to help more comprehensively meet the financial needs of employees.
“With Financial Life Benefits, employers are helping their employees plan, save and take control of their financial future with a more comprehensive set of tools and resources,” said Lorna Sabbia, head of retirement and personal wealth solutions at Bank of America. “The demand we’re seeing here highlights the importance of financial wellness for employers and employees, and the need for financial education and solutions to support the entire financial journey of employees.”
Today, 95% of US Fortune 1000 companies have a relationship with Bank of America. Additionally, the company serves approximately one in five US middle market businesses, as well as more than 3 million small business owners.
“Our businesses and commercial customers appreciate working with a single vendor who understands the unique needs of their business and their employees,” said Wendy Stewart, President, Global Commercial Banking. “By helping employers connect their employees to a range of benefits plans and integrated financial services, we create convenience for our customers and a better experience for their staff.”
Learn more at www.benefitplans.baml.com.
Workplace Benefits Report Methodology
Escalent surveyed a national sample of 1,363 employees who work full-time and participate in 401(k) plans, and 834 employers who offer both a 401(k) plan and have sole or shared responsibility for decisions made in the plan. The survey was conducted between December 28, 2020 and February 8, 2021. To qualify for the survey, employees had to be current participants in a 401(k) plan and employers had to offer a 401(k) plan option. Neither was required to work with Bank of America Merrill Lynch. Bank of America Merrill Lynch was not identified as a sponsor of the study. Bank of America’s retirement and benefits services enable employers and employees to take action and achieve their financial goals today and into retirement.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individuals, small and medium-sized businesses, and large corporations with a full range of banking, investment, asset management, and banking products and services. other financial and risk management products and services. The company offers unparalleled convenience in United States, serving approximately 67 million retail and small business customers with approximately 4,200 retail financial centers, approximately 16,000 ATMs and award-winning digital banking services with approximately 41 million active users, including approximately 33 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving businesses, governments, institutions and individuals worldwide. whole world. Bank of America provides industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves its customers through operations across United States, its territories and about 35 countries. Bank of America Corporation (NYSE: BAC) shares are listed on the New York Stock Exchange.
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Retirement and Personal Wealth Solutions is the institutional retirement business of Bank of America Corporation (“BofA Corp.”) doing business as “Bank of America”. Investment advisory and brokerage services are provided by non-bank affiliates wholly owned by BofA Corp., including Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”), a Dual Registered and Investment Advisor and SIPC Member.
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Journalists can contact:
Andy AldridgeBank of America
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1Banking products are available from Bank of America, NA and affiliated banks.
2Investment products are available from Merrill Lynch, Pierce, Fenner & Smith Incorporated.
SOURCE Bank of America Corporation