Bank of America today announced that it is accelerating the move from its current U.S. minimum hourly rate of pay of $17 to $20 by the end of the first quarter of 2020, more than a year earlier than originally planned. The decision is part of the company’s commitment to delivering sustainable, responsible growth by being a great place to work – through leading physical, financial and emotional benefits as well as innovative learning and development resources that support the needs of its 208,000+ employees.
“As part of our commitment to being a great place to work, we are saying thank you, and sharing our success with our teammates who serve our clients and communities every day,” said Sheri Bronstein, chief human resources officer at Bank of America.
Bank of America is committed to supporting a competitive rate of pay, and has made regular increases to its minimum wage over many years. Since 2010, it has increased by more than $8 per hour.
The announcement follows last week’s news that for the third consecutive year, Bank of America will extend special compensation awards to approximately 95 percent of its global workforce, distinguishing the company as a corporate leader in connecting ongoing performance results directly back to its employees. Awards include cash bonuses and stock paid since 2017 totaling approximately $1.6B, in addition to any other compensation employees received.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,400 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 1,900 business centers; approximately 16,600 ATMs; and award-winning digital banking with nearly 38 million active users, including approximately 29 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Liz Wright, Bank of America