Last month, Bank of America announced that it would raise its minimum hourly wage to $20 over a two-year period. The first increment to $17 was made on May 1, and is reflected in impacted employees’ paychecks this week. The hourly rate of pay will continue to increase until it reaches $20 in 2021. This is part of Bank of America’s commitment to being a great place to work and delivering sustainable, responsible growth through competitive benefits and programs that support the diverse needs of its 205,000+ employees.
“We have raised our minimum wage because we believe that to best serve our customers and clients, we need the best teams,” said Sheri Bronstein, chief human resources officer at Bank of America. “Saying thank you, celebrating great work, and sharing our success further demonstrate our commitment to being a great place to work.”
Bank of America’s increase to paying $20 per hour over the next two years builds on its history of being an industry leader in establishing an internal minimum rate of pay for its U.S. hourly employees. The company has made regular increases over many years. Since 2010, the minimum wage has increased by nearly $6 per hour – two years ago, Bank of America raised it to $15 and it is now $17 per hour. The average rate for all U.S. hourly employees is significantly above this level.
Bank of America’s pay-for-performance philosophy reinforces the company’s core values and culture by inspiring employees to do great work, encouraging and retaining talent, and building trust within teams. Its efforts have been recognized by a number of external organizations including LinkedIn, Catalyst and Fortune, most recently as the only financial services company included in Fortune’s inaugural Best Big Companies to Work For list.
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 4,400 retail financial centers, including approximately 1,800 lending centers, 2,200 financial centers with a Consumer Investment Financial Solutions Advisor, and 1,500 business centers; approximately 16,400 ATMs; and award-winning digital banking with more than 37 million active users, including over 27 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
Liz Wright, Bank of America