Bank of America this year plans to hire approximately 850 former welfare recipients in a wide variety of jobs as part of the company's Welfare-to-Self-Sufficiency program. Since the program's inception in 1998, more than 3,000 former welfare recipients have been hired by the company.

"Providing jobs helps promote self-sufficiency and breaks down the barriers that keep low-income families from achieving economic independence," said Susan Portugal, National Initiatives Manager for Bank of America. "We will continue to hire former welfare recipients in 2001 for positions that can lead to promotions and a career at Bank of America."

Bank of America has established partnerships in 13 major cities with government agencies, community groups and other organizations to identify former welfare recipients and develop custom job training programs. These include programs in Los Angeles, Phoenix, Portland, Sacramento, Miami, Atlanta, Dallas, Norfolk and Columbia, S.C. The company is exploring expanding customized programs to several other cities this year. Bank of America provides training space, equipment, program design, curriculum, materials, trainers, volunteer mentors and paid internships.

For example, Bank of America has entered a national partnership with Goodwill Industries and has hired more than 300 people who have "graduated" from bank training courses in Seattle, Los Angeles, Miami, Dallas, Atlanta and several other cities. The two companies have collaborated on an innovative curriculum that prepares individuals for positions such as tellers, customer service representatives, proof operators and clerical specialists.

After they are hired, the new associates can be placed on a career path promoting them to positions with more pay and responsibility. They are also able to take advantage of numerous company programs aimed at bettering their personal lives, such as affordable home ownership and child care subsidies.

The Associate Home Ownership Program enables any associate who works at least 20 hours a week to get a 5-year unsecured loan of $2,500 to $5,000 to pay the costs of a down payment, closing costs and other costs to buy a home.

The company's Child Care Plus program reimburses each associate up to $152 per month per child in child care costs. The money each associate receives is tax-free, up to $5,000 annually. To be eligible, an associate must have an annual income of $30,000 or less and a total annual family income of $60,000 or less.

"Our Welfare-to-Self-Sufficiency Initiative and our benefits package provide us with a vehicle for the recruitment of a diverse and talented workforce and an opportunity to develop communities and neighborhoods across the country," said Portugal. "They also help us retain our new associates and enable them to view working for Bank of America as a long-term goal."

Bank of America, with $672 billion in assets, is the largest bank in the United States. It has full-service operations in 21 states and the District of Columbia and provides financial products and services, as well as international corporate financial services for business transactions in 190 countries. The company's stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges, and certain shares are listed on the Tokyo Stock Exchange.

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