The announcement is part of the bank’s broader workforce strategy, which focuses on skills-first hiring, an approach that prioritizes talent and experience over formal credentials. It also reinforces Bank of America’s commitment to growing veteran employment and improving economic opportunities for military families.
Expanding Mentorship for Post-service Careers
The $350,000 grant will directly support 250 personalized mentorships for U.S. veterans and military spouses, connecting them with experienced professionals who offer guidance on networking, career planning, and professional development. According to Bank of America, this initiative builds on a partnership with ACP that began in 2018 and has already resulted in nearly 400 mentorships, with dozens of participants eventually joining the bank’s workforce.
American Corporate Partners, a national nonprofit, focuses on bridging the gap between military service and civilian careers. Its mentorship program has helped nearly 40,000 veterans and spouses nationwide. According to ACP data, the program boasts an 80% retention rate, compared to a national average of 56% for veterans, and participants report an average salary of $90,000 after completing the program.
“Veterans and military spouses bring invaluable skills, leadership, and resilience to the workforce,” said Meghan Hughes, Head of Workforce Development at Bank of America, in a press release issued November 10. “By expanding our partnership with American Corporate Partners, we’re not only investing in their future—we’re helping build pathways to long-term success while driving American economic growth and opportunity.”
ACP founder Sid E. Goodfriend echoed the sentiment, noting the urgency of addressing underemployment among veterans. “America’s 250th birthday is a time to honor service, but true honor demands more than words,” he stated. “This is a promise to dismantle those barriers, equipping our military families with the personalized guidance they deserve.”
A Wider Commitment to Veteran Support
The grant is one element of a broader veteran support strategy by Bank of America. Since 2012, the bank has donated over 6,500 homes, with more than 2,700 of them going to nonprofits serving military families. These donations are part of community revitalization efforts aimed at addressing the housing needs of those who have served.
In terms of workforce development, the bank has committed to hiring 10,000 more veterans and individuals with military backgrounds over the next five years. This follows the hiring of 20,000 veterans since 2015. According to the company, this is not just about meeting hiring targets but building an inclusive workplace. Internally, the bank’s Military Support & Assistance Group, a resource network for veteran employees, includes 43 chapters and 22,000 members across the country.
Bank of America’s focus on “skills-first” hiring is meant to recognize the diverse competencies veterans bring to the workforce. Many military roles cultivate strategic thinking, leadership, and technical proficiency, skills that often do not align directly with civilian job descriptions but are nonetheless valuable.
