Like many financial groups, Bank of America has been facing a shortage of technology workers for its digital operations. Its response has been to turn inward, retraining its own workers at an internal online “university”.
Cathy Bessant, BofA’s chief operations and technology officer, told the Financial Times the bank set up the training arm in 2018 to teach staff — from tellers to traders — skills such as coding and data analytics.
As the faster pace of digitisation has made competition for workers with tech skills more intense, BofA has been leaning more heavily on its own workers to fill the void and thereby hold down hiring costs.
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