Bank of America Commits to No Layoffs in 2020

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Spotlight on Bank of America

During a time when we are seeing historic levels of unemployment due to layoffs stemming from the coronavirus, people are ever-more fearful of losing their job and their ability to meet financial obligations. CEO Brian Moynihan wanted to put those fears to rest by reassuring employees that Bank of America would not lay off a single person for the remainder of the year.

While companies are slashing jobs at an alarming pace, Bank of America has been hiring. To manage the increase in customer calls, Bank of America has hired over 1,700 people in client support roles, and will give an estimated $35 million to employees across the bank in the form of bonuses this year. The retail bank is forgiving all overdraft fees and providing assistance programs to customers experiencing financial hardship. Bank of America is doing a lot to help its customers, including deferments on mortgage and auto loans and loosening eligibility requirements for small businesses to receive COVID-19 related loans. But these well-intentioned actions are not without complication.

Moynihan also announced a $100 million commitment to support local communities in need as the world faces unprecedented challenges from the coronavirus. While the complexity of the Small Business Administration loan program (SBA) of the CARES Act continues, which is evident based on the recent revision, Bank of America was one of the first banks to participate in the program. Yesterday, the House passed legislation, after deliberating for over two weeks, to supplement the SBA’s Paycheck Protection Program with an additional $310 billion.

Bank of America has focused on remaining loyal to their customer base, a brand value that drives the business. What we are experiencing during the coronavirus pandemic is complicated—customers, leaders, politicians, CEOs, companies, the legal system, and so much more are facing uncharted territory and, ultimately, it’s clear that we are severely underprepared. But, as we continue to highlight the good deeds we see companies doing in congress with their brand values, it is becoming increasingly clear that acting during an unprecedented time in our history is a test of endurance, as well as trial and error.

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About Brand Acts of Kindness® 

Brand Acts of Kindness® is a series from Carpenter Group that spotlights companies across industries that are living their brand values in addressing the unprecedented challenges facing the world today.The series initially headlined companies assisting healthcare workers and first responders, as well as communities, businesses and families impacted by the COVID-19 pandemic. We also highlight brands taking the lead in supporting social and racial justice, LGBTQ rights, sustainability and the environment. Their stories show how innovation, resolve and action, built on a solid value proposition, can both strengthen a brand and help create a better world.

About Carpenter Group

Carpenter Group is an independent, woman-owned strategic branding, messaging and marketing communications firm that has delivered results-driven solutions to financial, professional services and technology firms for 30+ years.Our broad cross-discipline experience enables us to craft brand messaging and carry it through to the channels that most effectively connect with our clients’ target audience, from editorial content to advertising to event marketing and more.