Bank of America Raises Minimum Hourly Wage to $17
15 May 2019 - 11:00PM
Business Wire
Next Step on Path to $20 by May 2021
Last month, Bank of America announced that it would raise its
minimum hourly wage to $20 over a two-year period. The first
increment to $17 was made on May 1, and is reflected in impacted
employees’ paychecks this week. The hourly rate of pay will
continue to increase until it reaches $20 in 2021. This is
part of Bank of America’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 have raised 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’s increase to paying $20 per hour over the next
two years builds on its history of being an industry leader in
establishing an internal minimum rate of pay for its U.S. hourly
employees. The company has made regular increases over many years.
Since 2010, the minimum wage has increased by nearly $6 per hour –
two years ago, Bank of America raised it to $15 and it is now $17
per hour. 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 LinkedIn, Catalyst and Fortune,
most recently as the only financial services company included in
Fortune’s 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
4,400 retail financial centers, including approximately 1,800
lending centers, 2,200 financial centers with a Consumer Investment
Financial Solutions Advisor, and 1,500 business centers;
approximately 16,400 ATMs; and award-winning digital banking with
more than 37 million active users, including over 27 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 approximately 35 countries.
Bank of America Corporation stock (NYSE: BAC) is listed on the New
York Stock
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/20190515005063/en/
Reporters May Contact:Liz Wright, Bank of America,
1.646.855.3302elizabeth.i.wright@baml.com
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