The decision by Linda Chapman, an administrative law judge at the Labor Department, awards back pay and interest to former candidates for teller and entry-level administrative and clerical positions in the bank's hometown of Charlotte, North Carolina.
Chapman concluded that Bank of America's "unfair and inconsistent selection criteria" led to the rejection of qualified black job candidates, the Labor Department said.
About $1.22 million would go to 113 people who were rejected for jobs between 2002 and 2005, and another $964,000 to 1,034 people who were rejected in 1993.
"Judge Chapman's decision upholds the legal principle of making victims of discrimination whole, and these workers deserve to get the full measure of what is owed to them," said Patricia Shiu, director of the Labor Department's Office of Federal Contract Compliance Programs (OFFCP), in a statement.
