SAN FRANCISCO–Bank of America has announced plans to boost its minimum wage to $25 an hour by 2025.
The bank made the announcement earlier this week after completing plans in 2020 to get to a $20 minimum wage for all employees. The second-biggest U.S. bank by assets after JPMorgan Chase also said that vendors would be required to pay workers at least $15 an hour.
Bank of America has helped push the industry's compensation higher in recent years when it announced it was one of the first megabanks to guarantee a $20 hourly wage. That was in 2019, and it ended up getting to its goal a year ahead of schedule, CNBC noted.
"A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients," said Sheri Bronstein, BofA’s top human resources officer. "That includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent."
Many Tellers on Financial Assistance
The CNBC report noted that while executives and senior employees in Wall Street trading and advisory operations often make millions of dollars a year, bank tellers are paid far less, with one-third of bank tellers on some form of public assistance, from Medicaid to food stamps, according to a 2013 report from The Committee for Better Banks.