Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). Being a Great Place to Work. Bank of America isn’t the only bank raising its wages. Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. Learn more. The first increment to $17 was made in May 2019; six months later, the company announced it would accelerate the move to $20 by a year; and in March this year, Bank of America made this change. 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. Photo (c) Darren415 - Getty ImagesBank of America (BA) promised its employees an increase to its minimum wage by early 2021. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. “Meet the new hyper-attuned bank C.E.O.s.,” said Mike Mayo, an analyst for Wells Fargo who covers Bank of America and other big banks. Unsubscribe at any time. Another source of pressure is an effort by the wealth management company Arjuna Capital to get several big banks, including Bank of America and Bank of New York Mellon, to disclose comparisons of the pay for men and women, and for white employees and minorities. While there is growing pressure in all industries to increase basic pay, the bank said it’s decision has more to do with the bottom line. In June. Bank of America announced two years ago that it would begin raising its minimum wage to $15 an hour. CHARLOTTE (dpa-AFX) - Bank of America Corp. (BAC) said Monday it will raise the U.S. minimum wage for hourly employees to $20 from $17, by the end of the first quarter of 2020, more than a year “If the top levels of the financial industry were tone-deaf around the financial crisis, this is the opposite.”, Big banks face growing pressure to show they are treating their less-powerful customers and employees well. Bank of America’s increase to paying $20 per hour builds on the company’s history of being an industry leader in establishing an internal minimum rate of pay for its U.S. hourly employees. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. And now the banks’ leaders must explain to progressive representatives like Maxine Waters of California and Alexandria Ocasio-Cortez of New York why they are paid more than 700 times what low-wage workers, including some tellers in their branches, earn each year. All Rights Reserved. To be profitable, companies — banks included — need good people. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Companies pay us to be accredited or when you click a link, call a number or fill a form on our site. Equal Housing Lender Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. JPMorgan Chase said last year that it was using some of the savings it had realized as a result of the Trump administration’s corporate tax cuts to raise its minimum wage to $15 an hour. Get the news you need delivered right to you. Flipping burgers at the fast food chain In-N-Out will earn you a minimum of $13 an hour, under company policy — and it’s a surprisingly good place to grow your career. Target. The minimum wage in the United States is set by U.S. labor law and a range of state and local laws. We’ll start sending you the news you need delivered straight to you. There’s been some skepticism in the media about whether Bank of America’s pay raise is an altruistic act or just a way to make sure they look good before getting grilled by the House Financial Services Committee, whom they testified before earlier today. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. © 2020 Bank of America Corporation. Across the country, workers in low-wage jobs often find they need government assistance even though they have full-time employment, or even several jobs. We’ve put together a list of 10 companies that, like Bank of America, have recently promised to raise their minimum salaries to something you could actually live on. The 231-199 vote was largely symbolic, however. Bank of America had announced on April 9 the minimum wage hike to $20 per hour would take place in two years.The company also raised its minimum salary earlier this year to … © 2020 Bank of America Corporation. He covers real estate, gas prices and the economy and has reported extensively on negative-option sales. To put his money where his mouth is, he increased his company’s minimum salary up to $15 in November. CHARLOTTE (dpa-AFX) - Bank of America (BAC) announced Tuesday that it will raise its minimum wage to $20 per hour over a two-year period. Photo (c) Darren415 - Getty Images Bank of America (BA) promised its employees an increase to its minimum wage by early 2021. Though the House measure drew three Republican votes, the GOP -- which controls the Senate — has not taken it up. Adjusted for inflation, $7.25 in 2009 is equivalent to $8.66 today. The boost will bring Bank of America's minimum wage … In addition to increased salaries, the company’s more than one million employees have also been promised guaranteed maternity leave and one-time bonuses of up to $1,000, all of which took effect in February of this year. email@example.com. They’re just one of many major, national companies that have cranked up their internal minimum wage over the past few years. Mr. Mayo said the wage increase announced by Bank of America also reflected a trend among large banks toward employing fewer low-wage employees like tellers in favor of more highly skilled workers like financial advisers and technologists who help operate digital banking services. Unsubscribe easily. One-Year Acceleration Reaffirms Commitment to Being a Great Place to Work. “Really, the goal of our proposal is to create a more diverse, balanced leadership.”. Bank of America, N.A. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America is committed to supporting a competitive minimum rate of pay. Now, instead of lamenting the constraints of stricter regulations, banks are being forced to respond to lawmakers’ inquiries about compensation and fair competition. Even at $20 an hour, however, Bank of America still doesn’t offer the best minimum salary in … Reporters May Contact: Unsubscribe easily. A day before he was to appear at a congressional hearing focused on the biggest banks in the United States, Bank of America’s chief executive, Brian Moynihan, said on Tuesday that the bank planned to raise its minimum wage to $20 an hour from $15 over the next two years.
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