Bank of America raises its minimum wage for employees to $ 20



A Bank of America financial officer explains to a customer how to use the ATM with the Teller Assist station in Cherry Creek.

Andy Cross | Denver Post | Getty Images

A Bank of America financial officer explains to a customer how to use the ATM with the Teller Assist station in Cherry Creek.

Effective May 1, the minimum wage will increase to $ 17 and will increase gradually over the next two years, the company said in a statement.

Bank of America's move goes even further than other banks have shown in terms of branch offices and other entry-level positions. In early 2018, JP Morgan Chase said he would use a portion of the unexpected profits from the US corporate tax overhaul to increase the minimum hourly wage for branch and customer service center employees. at $ 18, from $ 12 to $ 16.50, depending on the worker's location.

The decision came a day before Moynihan, Jamie Dimon of JP Morgan and five other bank CEOs were called to testify before the House Financial Services Committee in Washington. Increasing the wages of the lowest-paid bank employees can protect Moynihan from criticism of the income gap between cashiers and the highest-paid employees of the company.

Moynihan received a 15% increase to $ 26.5 million for his work in 2018, where he helped lead Bank of America to a record annual profit. Dimon received $ 31 million.

Bank of America is the second largest US lender in terms of assets, after J.P. Morgan, and employs 205,000 people.


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