Hiring will be done by Bank of America (BofA) across US in 2011. The bank is all set to hire 1,000 small business bankers in the fourth quarter of this year. After the completion of the hiring, the new bankers have to target small-business clients having a revenue range of $250,000 to $3 million.
The first stage of hiring in the fourth quarter will be for offices in Los Angeles, Dallas, Baltimore and Washington D.C. The new hires will supplement the small business specialists who are now working for these branches. The new bankers will continue to focus on businesses having revenue less than $250,000.
While discussing the new jobs Brian Moynihan, chief executive, BofA, also disclosed that the bank has not set any timeline yet for the lifting of its moratorium on foreclosures and resale of foreclosed properties. BofA will conduct a recheck and then decide upon when to lift the moratorium. “We’re going back to recheck that we did things fairly,” he said in a Boston luncheon at the Chief Executives’ Club.
Hiring of 1000 new employees is a great employment initiative since 2008. The new bankers will be principally hired from outside the Bank of America. Moynihan didn’t speak up about the salary structure for the new employees but said that they will be given great responsibility of targeting small businesses. The new employees are expected to offer lending or cash-management services to small businesses and also do some “quarterbacking” if the client seeks help elsewhere within the bank.
Banks operating in America including the BofA are under tremendous pressure to increase lending to small businesses at a time when the economic recovery is slow. Bank of America says that it did lend $45.4 billion in credit to SMEs in the first half of 2010.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to