Bank of America is raising its starting pay to $20 an hour over a two-year period, starting with a hike next month.
The company said it is raising its minimum hourly wage to $17 on May 1 and will continue to increase pay until it hits $20 an hour in 2021. Bank of America raised its hourly minimum wage to $15 in 2017. It says wages have increased since then, though it didn't release details of those increases.
In a Tuesday interview on MSNBC, Chairman and CEO Brian Moynihan said, "''If you get a job at Bank of America, you'll make $41,000 per year."
Bank of America Corp., based in Charlotte, North Carolina, has more than 205,000 workers.
“We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams,” Sheri Bronstein, chief human resources officer at Bank of America, said in a press release.
Several U.S. banks have announced raises to their minimum wages over the past year as a way to invest some of their expected tax savings from the new tax law, USA Today reported based off a tally maintained by the American Bankers Association.
Previously, the most common wage increase was $15 an hour, with Discover, Central Pacific Bank and American Savings Bank going as high as $15.25 per hour, according to the ABA. Last year, Chase said it was increasing its wages by 10% on average – ranging from $15 to $18 an hour – for 22,000 employees, USA Today reported.
Support real journalism. Support local journalism. Subscribe to The Atlanta Journal-Constitution today. See offers.
Your subscription to the Atlanta Journal-Constitution funds in-depth reporting and investigations that keep you informed. Thank you for supporting real journalism.