Mark Riley

Here in the Fresno region, our community is honored to include so many brave military men and women serving our country at Lemoore Naval Air Station and two National Guard locations, which account for a significant number of active-duty military in our area. These active servicemembers, along with the thousands of military veterans and their families, are a vital part of our community.

Having banked both the U.S. Military and the Central Valley for more than a century, Bank of America has dedicated resources and services for our military men and women, including helping them financially transition into civilian life following their active-duty careers by supporting programs like Fresno State’s Veteran’s Education Program.
As part of this ongoing commitment to helping veterans navigate that transition, Bank of America recently announced an increase in our military hiring, committing to add 10,000 more individuals with military backgrounds over the next five years, as we strengthen our focus on skills-based hiring and creating new opportunities.
Our military hiring commitment 10 years ago resulted in hiring more than 20,000 veterans and we are excited to increase that number by 50%.

We recognize that the incredible skillset of military servicemembers – discipline, commitment, the ability to adapt quickly to changing environments, to name a few – are readily transferable skills to succeed in banking and finance roles.

One of our Central Valley colleagues who demonstrates the transition from military service to successful banking career is Pete Puga, who was deployed in 2009 with the National Guard on a quick reaction force team. Following his service, he started a small business and then joined Bank of America in an entry level relationship banker role. He was soon promoted into a financial solutions advisor position after pursuing his certifications, utilizing BofA’s benefits to cover the costs of his required licenses. Today, Pete advises clients in our Hanford office on their financial goals and wealth-building strategies, currently managing millions of dollars in client assets.

In addition, we are further doubling down on our commitment to our workforce by raising our minimum hourly wage to $25 and planning to hire 8,000 additional people from community and junior colleges in our financial centers nationwide over the next five years.
As a major employer in the region, we know the valuable role our community and junior colleges play in supplying core skillsets that create job opportunities for graduates. We work closely with these institutions throughout the Central Valley to create a hiring pipeline of valuable local talent.

When it comes to starting pay, I am proud to note that Bank of America has steadily increased our starting minimum wage, which was $15 in 2018 and is now nearly 67% higher. Our $25 hourly rate is well above the California and Fresno average pay for an entry level job – both starting around $16.50 per hour according to Zip Recruiter.

This wage increase also ensures that many of our entry level employees will now earn over $50,000 annually. For areas like Fresno and Visalia, with more than 300 BofA employees and 22 financial centers, which house many of our entry level roles, this pay increase can have positive benefits locally.

But it’s not just about the pay. These entry level jobs can be the beginning of a fulfilling and successful career. Strong starting wages combined with great benefits, professional skills development and career advancement opportunities create a launchpad to start and grow a career locally. Our Hanford colleague Pete is also a remarkable example of this launchpad model to advance his career with the company.

Research consistently shows that when people have long-term career opportunities and earn more, they spend more on durable goods, dine out more, save to buy homes to plant roots in neighborhoods, and invest more in their communities.

Our hope is that by being at the forefront of more opportunities for more American workers, Bank of America can help inspire others to invest in their employees. That way, together, we can strengthen the workforce, lift up communities and build a more resilient economy.

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Mark Riley is president of Bank of America Fresno/Visalia, market executive, business banking, Greater Central Valley.