Garofalo Aims to Grow Bank of America with the Community

By Jim Pytell, Assistant Editor On Feb 5, 2020

In December, Alberto Garofalo was named New Jersey market president of Bank of America, a role where he is responsible for connecting the banking and investment resources offered through the financial institution’s eight lines of business to companies, families and individuals in the state.

“I am so excited and proud to be part of this important work and I am committed to building upon the foundation that [former market president] Bob Doherty and his team have created,” Garofalo says. “We’re all about creating impact and enhancing local communities that provide opportunities, create jobs and give back to the people that live and work here.”

Garofalo, who also serves as Bank of America’s chief community reinvestment officer and head of community banking and development, will additionally be responsible for addressing local social and economic concerns as well as continuing to strengthen local communities.

“We help empower economic mobility for our clients and small businesses in low- or moderate-income (LMI) neighborhoods through a tailored community-centered approach that connects them to our products, resources and capital,” he says. “We have supported the needs of LMI communities since our founding and will continue our commitment to helping individuals and small businesses in these neighborhoods become more financially resilient by matching our resources to meet their needs.”

Broadly speaking, one of Bank of America’s biggest priorities is to know and understand its customer’s needs, especially in today’s rapidly evolving digital age, and Garofalo plans to continue to strengthen this area.

“Our high-tech, high-touch approach gives us a unique ability to serve the needs of our clients, businesses and the community at large,” says Garofalo, whose bank has more than 38 million digital users. “Our digital strategy helps build trust and long-term relationships by helping clients feel that we are providing information that is timely and relevant; acting in their best interest and offering them a choice of next best step.”

He points out that for small business owners especially, having a trusted advisor that can help them grow their business is most important.

“Cash flow is critical and having an advisor who can help our client navigate the best and most prudent approach to sustainable growth is extremely important,” he says. “In a time of unprecedented change, having a banker to call about their operating accounts, card, payments and credit is critical.”

But when business owners want more than just the bank’s perspective, Bank of America can still provide them with the proper resources.

“Business owners want to know what other successful business owners are doing. Our Small Business Owner Report is relevant and an important navigation tool, but our bankers who make connections with other centers-of-influence in a market can quickly build credibility,” Garofalo explains. “It amazes me how willing business owners are to support other business owners and we can provide those connections.”

Overall, Garofalo hopes to continue to spread his bank’s visibility while also being a conduit between businesses and a plethora of financial services.

“I am here to listen, to learn and to continue to help make a change,” says Garofalo.

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