Best Places to Work: Bank of America

by CoVaBizMag

By Barrett Baker

999 Waterside Drive, Norfolk | 757-616-2189 |
Founded: 1998
Number of Employees: 560 locally; 205,000 worldwide

Based on total assets, Bank of America is the ninth largest bank in the world. Their heritage goes back more than 240 years, to a time when the fledgling United States was just testing its wings. Today, they serve one out of every two households in the United States and a majority of Fortune 500 companies around the world.

Locally in Coastal Virginia, Bank of America predecessors have been here more than a century and a half. Hampton Roads Market President Charlie Henderson, Jr. has been serving their customers for nearly a quarter of that time. “I’ve had the great pleasure of working at Bank of America for almost 40 years now,” he says. “I have found it to be an incredible company that is focused on its associates. Our associates, in turn, are focused on our clients. Then in turn, if we do that right, we’re able to focus on our community as well. So, we’re very, very excited to be a part of the Hampton Roads market.”

Most of their strength as a financial institution comes from very careful planning and exceptional execution of those plans. “It really starts at the top of the house with the way Brian Moynihan [Chief Executive Officer of Bank of America] speaks about our company in terms of responsible growth,” says Henderson. “Part of that means doing things in a sustainable way. And if you drill down even further, it’s about how you take care of your associates.”

According to Henderson, the secret to success really isn’t much of a secret. “I think it’s fairly simple, really. You need to ensure you have an open door for your teammates so they feel like they can come in at any time to chat with their managers, to share some experiences they are having and maybe air some concerns that are taking place. Having open communication is of primary importance here at Bank of America.”

Bank of America volunteers

Bank of America community work

Bank of America, colleagues celebrating a birthday

Work Perks

  • Medical/dental/vision insurance
  • Voluntary wellness programs
  • Health care accounts
  • Dependent care flexible spending accounts
  • $500 health plan premiums credit for completing two wellness activities ($1,000 credit if spouse or partner also completes the same)
  • 16 weeks of paid maternity, paternity and adoption leave
  • Adoption reimbursement
  • Child care reimbursement
  • Tuition reimbursement
  • Employee Assistance Program (EAP)
  • Associate basic life insurance
  • Supplemental life and accidental death and dismemberment insurance
  • Long- and short-term disability insurance
  • Minimum wage of $17/hour; rising to $20/hour in 2021
  • Performance-based compensation
  • 401(k) with company match
  • Up to two paid hours per week for volunteer work


Why I Love My Job

“I have worked for Bank of America for over 23 years. During that time, I have held a number of increasingly responsible roles, partly due to Bank of America’s focus on ensuring teammates have the opportunity to have rewarding careers. As a parent, I appreciate the benefits available to me and my family. I have seen many changes in the financial services industry. However, the bank’s commitment to its employees has remained consistent throughout. Being at Bank of America allows me to work with gifted and motivated team members. They are attracted to our work culture, and the pay, benefits and work experience leads them to stay and make the bank even better by their contributions.” —Michelle Little, Vice President, 23 years at Bank of America

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