Bank of America to Raise Minimum Wage to $20 per Hour
April 09 2019 - 8:16AM
Business Wire
Raise Will Occur Over Two-Year Period and
Reaffirms Commitment to Being a Great Place to Work
Bank of America today announced that it will raise its minimum
wage to $20 per hour over a two-year period. The increase will
occur in increments. On May 1, 2019, the minimum hourly wage
will increase to $17, and will continue to rise until it reaches
$20 in 2021. This is part of the company’s commitment to being
a great place to work and delivering 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 is committed to supporting a competitive minimum
rate of pay. The company has been an industry leader in
establishing an internal minimum rate of pay for its U.S. hourly
employees and has made regular increases over many years. Since
2010, Bank of America’s minimum wage has increased by more than $4
per hour – two years ago, the company raised it to $15 per hour,
and the minimum wage is higher today. The average rate for all U.S.
hourly employees is significantly above this level.
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. Its efforts have been recognized by a number of
external organizations including the 2019 LinkedIn Top Companies
list, Catalyst and Fortune as the only financial services company
included in its inaugural Best Big Companies to Work For list.
Bank of AmericaBank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 1,800
lending centers, 2,200 Merrill Edge investment centers and 1,500
business centers; approximately 16,300 ATMs; and award-winning
digital banking with more than 36 million active users, including
over 26 million mobile users. Bank of America is a global leader in
wealth management, corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million
small business owners through a suite of innovative, easy-to-use
online products and services. The company serves clients through
operations across the United States, its territories and more than
35 countries. Bank of America Corporation stock (NYSE: BAC) is
listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email
alerts.
www.bankofamerica.com
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version on businesswire.com: https://www.businesswire.com/news/home/20190409005601/en/
Reporters May Contact:Jessica Oppenheim, Bank of America,
1.646.855.1600jessica.oppenheim@bankofamerica.com
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