Lifestyle

BofA plans to raise minimum wage to $20 an hour over two years

Bank of America/Bloomberg

  • share this article

Bank of America, the second-biggest US lender, has more than 205,000 employees.

Wednesday 10, April 2019

(Bloomberg) --Bank of America Corporation (BofA) plans to raise its minimum wage to $20 an hour over two years.

In a statement, the North Carolina-based lender said that the baseline will rise to $17 on 1 May and then climb to $20 in 2021.

Sheri Bronstein, BofA’s Chief Human Resources Officer, said, “We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams.”

“Saying thank you, celebrating great work and sharing our success further demonstrate our commitment to being a great place to work,” Bronstein said.

The bank said its minimum wage has increased by more than $4 an hour since 2010 and increased to $15 two years ago, the average rate for US hourly employees is significantly above this level.

Wall Street Chief Executive Officers, including Bank of America’s Brian Moynihan, will travel to Washington to face the House Financial Services Committee, where a group of newly elected progressives are likely to grill them on topics ranging from gender gaps in bank compensation.

 

TAGS : Bank of America, minimum wage increase, Sheri Bronstein

print this article