Bofa increases the minimum wage to $ 25 per hour and reaches its goal

(Bloomberg) Bank of America Corp. Increase its minimum wage to $ 25 per hour next month, the last step in a long -term goal that the company set several years ago. The shuffle pay of $ 24, a level put in place in October, the company said Tuesday. This means a full -time annual salary of over $ 50,000 and applies to all full -time and part -time hourly positions in the US. The change continues with a series of hikes that lift the firm’s base payment of $ 15 in 2017. “What it gives a teammate is a chance to join our company, spend their entire career here and support their families,” CEO Brian Moynihan said in a television interview in Bloomberg. “That stability and that career attitude enable them to do a much better job for our clients.” Moynihan also said that the turnover of employees and the reduction of clients has decreased since the initiative to increase the minimum wage has been implemented. While Bank of America continues to implement artificial intelligence and other technologies in its operations, the number of employees has shrunk in some departments, Moynihan said. But the bank hopes to invest in the payment of employees more and train them for roles where machines cannot do the job. “The key to it is to really redeploy and re -develop people,” he said. “We need to be more aware to train it on multiple dimensions than we were two or three years ago.” The new minimum starting salaries enable employees to “build a long-term career at Bank of America,” Sheri Bronstein, head of people at Charlotte, lender in North Carolina, said in a statement. “Competitive compensation is one of the many ways in which we help promote US economic growth and opportunity.” With the increase, Bank of America’s minimum hour wage has risen by almost $ 14 or more than 121%since 2010, according to the firm. Bank of America pays the highest minimum wage in finance and is third under US businesses, according to Just Capital, which traces corporate benefits. Costar Group Inc. Pay $ 28.85 per hour, while Union Pacific Corp. $ 25.15 paid, according to the researchers. Also on Wednesday, Bank of America said it would increase its military appointment, and committed to adding 10,000 more employees with military backgrounds over the next five years. The company also said that they intend to add 8,000 leases to community colleges over the next five years and create 700 new financial central jobs in various markets in the US (updates with Moynihan comments, background, Bofa rental plans starting in the third paragraph.) More stories like this are available on Bloomberg.com © 2025 Bloomberg LP