BofA promotes 360 employees to managing directors in diversity push – source

(Reuters) – Bank of America Corp has promoted 360 employees to managing directors, with more than 50% of them representing women and people of color, a source familiar with the matter told Reuters on Thursday.

Wall Street firms have increasingly sought to fill positions with candidates from diverse backgrounds since the death of George Floyd, a Black man, in 2020 fueled global protests and discussions on racism.

Financial sector companies have long been accused of withholding senior positions to people of certain backgrounds.

Last week, Morgan Stanley promoted 184 executives to managing director roles with focus on diversity, while Goldman Sachs Group Inc promoted 80 bankers to elite partner rank in November.

Earlier this month, BofA reported a bigger-than-expected fourth-quarter profit, as rising rates boosted the lender’s interest income.

(Reporting by Manya Saini in Bengaluru and Lananh Nguyen in New York; Editing by Shweta Agarwal)