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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.
According to a 2013 report from the Committee for Better Banks, about one-third of bank counters enjoyed some form of public badistance, ranging from Medicaid to food stamps. To be fair, after the publication of this report, several banks increased the salaries of tellers and other employees. In 2017, Bank of America raised its minimum wage from $ 13.50 to $ 15 hour.
At the top, however, Moynihan received a 15% increase to 26.5 million US dollars for his work in 2018, when he headed Bank of America towards a record annual profit. Dimon received $ 31 million.
This move is also a sign of increased wage inflation for burgeoning companies. In an interview with CNBC's Wilfred Frost at the Consumer Bankers Association's annual conference, Moynihan said he needed to pay more for his employees because the economy remained strong.
Private companies such as Amazon and Walmart have increased wages before the federal rules. The federal minimum wage is only $ 7.25 an hour, but a bill to raise it to $ 15 an hour over six years is making its way to Congress.
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 stated that it would use a portion of the unexpected gains 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.
Bank of America is the second largest US lender in terms of badets, after J.P. Morgan, and employs 205,000 people.
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