Issue 31: 2016

In Brief

Pathways to Economic Progress

Bank of America partners to support economic mobility and helps illuminate diversity through the legacies of Jackie Robinson and Martin Luther King, Jr.

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Lack of economic opportunity for young people of color has emerged as a defining social issue of our time. Unemployment rates for African-Americans are nearly twice the national average;1 and nearly 60% of the 1.56 million incarcerated Americans are Hispanic or African-American.2

“At Bank of America, we believe that keeping our youth on track, providing alternative pathways and offering second chances are critical to building thriving communities,” says Kerry Sullivan, president of the Bank of America Charitable Foundation. “We partner with a range of organizations that help connect individuals to employment and create a more diverse workforce.” For example:

  • We work with MENTOR to connect young people to adults who can help them chart paths for success. We are part of the 100,000 Opportunities Initiative through our work with the Aspen Forum for Community Solutions. All of this work aligns us with the goals of My Brother’s Keeper to engage young men of color in meaningful employment.
  • Through our Summer Youth Employment Program, we facilitate at-risk youth with paid summer internships and partner with nonprofits to help close the opportunity divide. We work with Urban Alliance to hire interns and engage more than 250 Year Up apprentices within our lines of business.
  • In partnership with the Center for
    Employment Opportunities
    , we launched a social impact investing bond in New York State for employment programs aimed at helping formerly incarcerated men and women. We partner with nonprofits such as REDF to advance employment opportunities for individuals facing barriers — including those who have been incarcerated — while also supporting reintegration and better financial futures.

And recognizing the need to create opportunities for multicultural individuals, we also partner with organizations like the National Urban League to promote economic mobility through jobs, education and civil rights initiatives.

1 Bureau of Labor Statistics, 2015.

2 Bureau of Justice Statistics, 2014.


Hulton Archive/Getty Images

 

Lack of economic opportunity for young people of color has emerged as a defining social issue of our time. Unemployment rates for African-Americans are nearly twice the national average;1 and nearly 60% of the 1.56 million incarcerated Americans are Hispanic or African-American.2

“At Bank of America, we believe that keeping our youth on track, providing alternative pathways and offering second chances are critical to building thriving communities,” says Kerry Sullivan, president of the Bank of America Charitable Foundation. “We partner with a range of organizations that help connect individuals to employment and create a more diverse workforce.” For example:

  • We work with MENTOR to connect young people to adults who can help them chart paths for success. We are part of the 100,000 Opportunities Initiative through our work with the Aspen Forum for Community Solutions. All of this work aligns us with the goals of My Brother’s Keeper to engage young men of color in meaningful employment.
  • Through our Summer Youth Employment Program, we facilitate at-risk youth with paid summer internships and partner with nonprofits to help close the opportunity divide. We work with Urban Alliance to hire interns and engage more than 250 Year Up apprentices within our lines of business.
  • In partnership with the Center for
    Employment Opportunities
    , we launched a social impact investing bond in New York State for employment programs aimed at helping formerly incarcerated men and women. We partner with nonprofits such as REDF to advance employment opportunities for individuals facing barriers — including those who have been incarcerated — while also supporting reintegration and better financial futures.

And recognizing the need to create opportunities for multicultural individuals, we also partner with organizations like the National Urban League to promote economic mobility through jobs, education and civil rights initiatives.

1 Bureau of Labor Statistics, 2015.

2 Bureau of Justice Statistics, 2014.