Last Updated:

2/21/21 6:33 PM

overall rating:

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Bank of America

Internal Representation & Support
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71%

Public Commitment
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74%

External Communication
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54%

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To evaluate this pillar, we take into consideration a range of factors, including but not limited to:

- Employee representation

- Diversity, equity, & inclusion (DEI)

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We weigh a company’s degree of public commitment primarily on their monetary contributions to DEI matters or organizations fighting racial injustice.

Forms of monetary support we look for:

One-off donations
Recurring donations
Grant initiatives
Employee donation matching

 

Highlights

Bank of America has pledged 0.2% of their annual revenue ($1 billion over four years) toward advancing racial equity, which is a significant amount compared to many other public companies. On Twitter, they post frequently about matters of racial justice, from promoting community partners to highlighting small Black businesses.

Lowlights

In spite of their significant corporate donation as well as their transparency with how that money will be spent, Bank of America has not outlined any specific actions it will take to address racial equity organizationally, let alone acknowledge its need for internal improvement.

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We scour the company’s website and official social media channels to determine what message they are sending around racial injustice, how they are communicating it, and whether their communications are perceived as genuine or performative.

Public statement: We verify that companies have made a formal statement regarding racial injustice.

Social media: We consider how a company uses their platform(s) beyond performative allyship.

Representation: For companies that have the opportunity to showcase diversity in their feed, we consider whether they have adequate Black representation and BIPOC representation across their models. 

Looking for an equitable brand as a replacement? Click here to see our directory! 

Deep Dive

I. Internal Representation & Support:

Board of Directors:

12% - 13% Black, 16% - 20% BIPOC, 31% - 35% Women

Executive Leadership:

8% - 9% Black, 21% - 25% BIPOC, 26% - 30% Women

12% - 13% Black, > 40% BIPOC, 46% - 50% Women

Workforce:

An appointed DEI senior leader and/or a dedicated DEI organization, A Black employee resource group

DEI Support:

II. Public Commitment

Bank of America has pledged a donation of 0.1% - 0.9% of annual revenue towards racial injustice, specifically for Black lives. Additionally, Bank of America has engaged in actions that advance racial justice and/or uplift BIPOC communities, such as partnerships with nonprofits or mission-based organizations, sponsorship of individuals who use their platform to speak out on racial injustice, sponsorship of events, and matching donations to a broad range of qualifying organizations.

III. External Communications

Bank of America has issued a public statement, both on social media and in a public memo, addressing racial injustice ; however, it did not acknowledge that they can be doing better to combat racial inequality within their company, include specific calls to action, or explicitly state "Black Lives Matter." Since June 2020, 31% - 40% of the brand's social media content has been centered around racial injustice with posts seeking to continue the momentum of BLM. While the brand does not regularly feature models in their social media posts, there is little to no evidence of additional actions the brand takes to show support of the LGBTQ+ community (beyond posting for Pride) or other marginalized communities.
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