Leading with Passion at the Intersection of Community and Business

By Raul Anaya, President, Business Banking, Bank of America

Throughout my 35-year career at Bank of America, I have been dedicated to serving at the intersection of community and business, a commitment that continues to be at the forefront of our work at Bank of America. Whether assisting Latino business owners in navigating the challenges and opportunities of entrepreneurship, helping to grow and develop our talent or supporting my local community in Los Angeles – all as part of how we drive “Responsible Growth” at Bank of America.

Bank of America is proud to be the bank of choice for Hispanic-Latino clients and businesses. Approximately one in every three checking accounts opened with us are by Latino clients, and how we serve our clients mirrors this reality. We are dedicated to supporting this segment’s financial wellness through programs like Mejores Hábitos Financieros™ (Better Money Habits), offering free online tools and education in both Spanish and English to enhance

financial literacy, provide comprehensive investment and wealth management solutions and assist in business growth.

As part of our unwavering commitment to the Hispanic community, we have taken a significant step to better understand this thriving segment by launching the Inaugural Latina GDP Report, ‘Dando vida a la Economía: Giving Life to the U.S. Economy’. This pioneering study offers unique insights, data and analytics on the total economic output of U.S. Latinas. This report – a first of its kind – measures the Latina GDP, considering Latina workforce participation, income, spending and educational attainment rates, providing a comprehensive view of their economic power and potential.

In 2021, the U.S. Latina GDP reached a staggering 1.3 trillion USD. However, what truly sets the Latina GDP apart is not just its size, but its rapid growth. From 2010 to 2021, the economic contribution of Latinas surged at an average annual rate of 3.8%, a clear testament to their significant role in propelling the U.S. economy and their immense economic potential.

While the strides U.S. Latinos and Latinas have made are commendable, this community needs our steadfast commitment and support to propel this growth, because when this powerful segment of the economy advances so does our nation. At Bank of America, we are continuously investing in initiatives and programs that support the rapid economic growth of this segment and will continue to shape its future.

As the Latina GDP Report states, education attainment is the cornerstone of career opportunities, financial success and upward mobility for U.S. Latinos. To help propel that growth even further, at Bank of America, we work with Hispanic-Serving Institutions (HSI) to up-skill and reskill Hispanic-Latino students and partner with organizations like Excelencia in Education who recognizes that Latino student success enhances our workforce, leadership and strengthens our economy.

Our partnership with HSIs has also led us to develop our Progresando initiative, an effort geared towards fostering Hispanic-Latinos to achieve upward economic mobility through healthcare careers while helping to increase representation and address the shortage of culturally sensitive, Spanish-speaking health providers.

Today, more than 70% of our financial centers have Spanish language capabilities and other elements including on site marketing, collateral and with over 8,700 Spanish-speaking teammates ready to assist clients. And we continue to deploy digital capabilities – via our Spanish-language mobile app – that address the diverse needs of our clients and help them with their life priorities.

Through this type of commitment and dedication over time, we can instill change, eliminate barriers and nurture the growth of a segment destined to help shape America's future.