Sign In
Upcoming Event
Free Newsletter
Bank of America boosts minimum wage to $25 an hour
Bank of America has made steps to raise wages in recent years. (Chart provided by Bank of America)
Bank of America boosts minimum wage to $25 an hour
Listen to this articleBank of America has raised its U.S. minimum hourly wage to $25 per hour, effective early October.
With the increase, the minimum annualized salary for full-time employees in the U.S. rises to more than $50,000. The change applies to both full-time and part-time hourly positions nationwide, affecting thousands of employees.
The move is the latest step the bank has made in recent years to raise wages.
Since 2017, Bank of America’s starting pay has steadily climbed from under $15 an hour to $25, representing an increase of more than $20,000 in starting salary for full-time employees.
The company says the increase not only benefits its workforce but also contributes to the broader economy by fueling job growth and strengthening communities.
Joining the bank at the minimum wage is a launchpad for a long-term career, Bank of America said in its announcement.
The company highlights a range of employee benefits designed to support career development, including tuition assistance, professional training and opportunities for advancement.
Sheri Bronstein, the bank’s chief people officer, said competitive pay is a cornerstone of its workforce strategy.
“Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America,” Bronstein said. “Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.”
