Bank of America (BAC) has hired more than 30 bankers in Washington as part of a broader plan to target small-business customers.
The hires include 10 bankers in the Seattle area. It is part of the Charlotte, N.C., company’s goal to add about 1,000 small-business bankers nationwide, the company said Tuesday.
The bankers will “bring more expertise to business owners so they can remain focused on growth,” Roger Forman, small business banker manager for Washington, said in a press release. The bankers will consult with small-business owners “at their place of business and assess their deposit, credit and cash management needs,” Bank of America said.
There are roughly 532,000 small businesses in the state, according to the U.S. Small Business Administration. These companies account for more than 97% of all employers and employ more than 50% of the private-sector workforce.
Bank of America said that in the first quarter, it extended more than $106 million to small businesses in Washington, up 6% from a year earlier.
The hires come as B of A looks to bolster capital levels and streamline operations by selling off several business units. It said in September that it would cut 30,000 jobs, or roughly 10% of its 288,000 employees.
