Bank of America Corp. (NYSE: BAC) announces a minimum wage increase to USD 20 per hour in over a two-year period. The minimum wage increase will occur in increments beginning on May 1st, 2019 where the minimum hourly wage will increase to USD 17. The company remains committed to “deliver sustainable, responsible growth through competitive benefits and programs that support the diverse needs of its 205,000+ employees.
“We are raising 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 has a commitment to supporting a competitive minimum rate of pay. “If you get a job at Bank of America, you’ll make $41,000” a year, Chairman and CEO Brian Moynihan told MSNBC on Tuesday. “With the success our company has … we have to share that success with our teammates.”
This announcement is a day before six bank CEO’s including JP Morgan’s Jamie Dimon are to testify before the House Financial Services Committee in Washington. Income inequality is a trending issue rolling into the 2020 election.