BofA Promotes 387 to Managing Director, 16% More Than Last Year

Bank of America Corp. promoted 387 employees to managing director, 16% more than last year’s total, according to people with knowledge of the matter.

More than half of those elevated to the senior role were women or people of color, marking the fifth consecutive year that historically underrepresented groups made up the majority of the class, one of the people said, asking not to be identified discussing personnel matters.

A Bank of America branch in New York.

Photographer: Michael Nagle/Bloomberg

Bank of America, like its Wall Street peers, has made a conscious effort to improve diversity across the company and in its senior positions. For years, the big US banks ...