Bank of America – Special Advertising Section

Bank of America – Special Advertising Section – Brief Article

The spirit of diversity and opportunity is at the heart of what Bank of America represents–from its customer base and its communities to its more than 140,000 associates. It is with this spirit that Bank of America operates one of the most successful supplier diversity initiatives in corporate America–for which it has consistently received national recognition.

The company’s success is largely due to the commitment of its senior management, including Dorothy Brothers, its Supplier Diversity & Development director, to increase the diversity of the suppliers that bid for the bank’s products and services. “Diversity of supply allows us to increase competition, maintain the highest quality and get the best price,” says Brothers. We view our support of supplier diversity not as a duty, nor as a charity, but as good business.”

“Nor do the suppliers who own the companies with which we do business view our support as duty or charity,” continues Brothers. “They view their relationships with us as good business–a chance to build their enterprises, pursue their dreams and be rewarded for their hard work.”

Bank of America has spent more than $1 billion as part of its Supplier Diversity & Development (SD&D) program, which was established in 1990. And the numbers keep growing every year.

The company increased its expenditures with minority-, women- and disabled-owned businesses from $11 million in 1990 to more than $400 million in 2002, with 2,500 firms in 45 states. Several years ago Bank of America set an ambitious goal of spending 15% of its total procurement budget with minority- and women-owned businesses. The company didn’t stop there. It also mandated that all companies doing business with the bank spend at least 15 percent of their own purchase dollars with minority- and women-owned suppliers.

Adds Brothers, “It’s been an ongoing challenge to continue to raise the bar. But when your name is Bank of America you must aspire to the ideals of America. We welcome the challenge.”

For more information on the Bank of America SD&D program visit:

COPYRIGHT 2002 Earl G. Graves Publishing Co., Inc.

COPYRIGHT 2002 Gale Group