Raul Anaya is president of Business Banking, one of Bank of America’s eight lines of business.
Like many children of immigrants, my parents’ story shaped me—and continues to shape me—in ways big and small. They left Mexico at a young age and built a life in Detroit. My father always dreamed of starting his own auto body shop. When I was 12, we relocated to Brownsville, Texas, to pursue that dream. My father drew up a business plan, secured a loan and proudly launched Anaya’s Body and Paint Shop, which he ran successfully for 30 years before retirement.
My family’s story reflects a significant trend: The Hispanic-Latino community is a powerful force to be reckoned with. Between 2010 and 2022, the U.S. Hispanic-Latino population increased by 26% to make up nearly 20% of the population, per Pew Research Center.
According to the August 2024 U.S. Latina GDP Report (which was sponsored by our organization, Bank of America), the U.S. Hispanic-Latino GDP in 2021 totaled $3.2 trillion, a significant jump from $1.7 trillion in 2010. To put that into perspective, if U.S.-based Hispanic Latinos were an independent nation, they would boast the fifth-largest GDP in the world, surpassing India, the U.K. and France. The U.S. Hispanic-Latino GDP is not just large; it is also expanding at an astonishing rate. From 2010 to 2021, it was the third-fastest-growing GDP globally, outpacing even the U.S. economy, and over that same period, it grew 2.4 times faster than Non-Hispanic-Latino GDP.
Through my work as Bank of America’s president of Business Banking and the Greater Los Angeles market, I witness our community’s drive firsthand. I am proud to be the bank’s most senior Hispanic-Latino leader, and it’s a responsibility that I take very seriously. I bring a unique perspective to work by focusing on empowering diverse business owners and ensuring the bank reflects the communities we serve.
Invest In The Community
With 5 million businesses generating over $800 billion annually, the Hispanic-Latino entrepreneurial community is driving U.S. economic growth and creating employer businesses faster than white entrepreneurs. In fact, an analysis of U.S. Census Bureau data reveals that a staggering 36% of new businesses launched in 2023 were Hispanic-Latino-owned, more than double the rate of the general population.
Despite this, barriers to capital remain. When applying for loans of $50,000 or more, Hispanic-Latino business owners have lower approval rates than their white counterparts. Per McKinsey, they only received 1.5% of total U.S. venture capital funding in 2022.
At Bank of America, we are working to increase access to capital in the Hispanic-Latino community, and I encourage other financial institutions to consider doing the same. By investing in Hispanic-Latino-led venture capital funds, we are not just providing capital but fostering a cycle of empowerment. These funds, in turn, invest in promising Hispanic-Latino-owned startups, creating a ripple effect of wealth creation and opportunity within the community.
Lead With Empathy And Understanding
There has been a remarkable shift in educational achievement among Hispanic Latinos, with the number of bachelor’s degrees earned by Hispanic Latinos growing three times faster than non-Hispanic individuals between 2010 and 2021. This trend is deeply personal to me because I was the first person in my family to graduate college and pursue a career in financial services.
My father, due to family circumstances, had to leave school after the fifth grade. While he always encouraged my education, I know he faced hurdles, like when he applied for a business loan. I will never forget how intimidated he was to go to the bank. Founding a business is daunting enough, but these challenges were compounded by a language barrier and a loan process he did not fully understand. His experience shaped how I interact with business owners and their families, emphasizing empathy and understanding.
I strive to instill those values in my team, and I encourage other leaders to do so as well. Building a business from the ground up takes hard work, dedication and resilience. So, we must remind our teams to listen carefully to the stories of the entrepreneurs they work with—to understand their motivations, dreams and journeys. Based on my experience, I recommend having Spanish-speaking client professionals in financial centers to ensure that client-banker interactions are built on trust, respect and clear communication.
Lift As You Climb
Hispanic Latinos are strong participants in the U.S. workforce. From 2010 to 2021, labor growth for all Hispanic-Latinos was more than nine times that of non-Hispanic-Latinos in the U.S., per the U.S. Latina GDP Report. However, people of Hispanic-Latino heritage still make up only 8% of the professional labor force, 10% of managers and 5% of executives and senior officials.
When I started my first job as a bank teller, I saw very few people who looked like me, much less in leadership positions. Having a mentor was instrumental to my professional development and advancement. Yet a 2024 survey shows that only 39% of Hispanic Latinos have an active sponsor relationship at work. I have made it a mission to mentor the next generation of Hispanic-Latino financial professionals to build a more inclusive industry.
I encourage other leaders to consider mentoring or serving on councils or boards that align with their values. For example, I also serve on the Bank’s Global Diversity & Inclusion Council and co-chair the Hispanic-Latino Executive Leadership Council, comprised of more than 300 U.S.-based senior Hispanic-Latino leaders. Our efforts increased the representation of Hispanic-Latino teammates in the top three management levels by 50% between 2015 and 2023.
My parents’ immigrant journey instilled in me a deep understanding of resilience and courage. It continues to inspire me to create opportunities for Hispanic-Latino entrepreneurs and expand access to the financial services sector for all, and I hope sharing my story helps encourage others to do the same.
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