What to Know
- Effective on May 1, the minimum wage will be raised to $17 and will go higher in increments for the next two years, according to the company
Bank of America is raising the minimum wage for employees this year and plans to hike it to $20 an hour in two years.
“If you get a job at Bank of America, you’ll make $41,000,” Chairman and CEO Brian Moynihan told MSNBC on Tuesday. “With the success our company has ... we have to share that success with our teammates.”
Effective on May 1, the minimum wage will be raised to $17 and will go higher in increments for the next two years, the company said in a statement.
Bank of America’s move is a step further than what other banks have disclosed for what are typically branch tellers and other entry-level positions. In early 2018, J.P. Morgan Chase said it would use some of the windfall from the U.S. corporate tax overhaul to raise hourly minimum wages to $15 to $18, from $12 to $16.50, depending on location.
Bank of America is the second biggest U.S. lender by assets, after J.P. Morgan Chase, and employs 205,000 people.
This story first appeared on CNBC.com. More from CNBC: