Bank of America ups minimum hourly pay to $24
Bank of America said it is aiming to pay a $25 minimum hourly wage in the US by next year
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Bank of America increased its pay for hourly workers in the U.S. to $24.
The new rate, announced Tuesday by the North Carolina-based bank, represents a $1-per-hour increase for all full- and part-time hourly Bank of America workers in the U.S.
Its minimum hourly wage for such roles has been $23 since October of last year.
A Bank of America branch in New York, on July 10, 2024. (Michael Nagle/Bloomberg via Getty Images / Getty Images)
"What we have found is paying a competitive wage and offering great benefits attracts the best people, and when you have the best people, you can do your best work for our customers, our clients and our communities," Chief Human Resources Officer Sheri Bronstein said. "But we are not just focused on attracting talent – we want to be an all-around great place to work."
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The increase is connected to Bank of America’s multi-year initiative to have a $25 minimum hourly wage by 2025.
Bank of America logo is seen on the building in Washington D.C., on July 12, 2024. (Jakub Porzycki/NurPhoto via Getty Images / Getty Images)
It first announced it would pursue that target about three years ago.
At the time, the bank said the initiative "builds on the company’s history of being an industry leader in establishing a minimum rate of pay for its U.S. hourly employees."
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Bank of America has upped its minimum pay for hourly workers in the U.S. by $9 over the course of about seven years, it said Tuesday.
The Bank of America building in downtown Concord, California, on Sept. 8, 2017. (Smith Collection/Gado/Getty Images / Getty Images)
The bank said the starting salary for full-time hourly U.S. employees "will have gone up by nearly $20,000 since 2017" thanks to the new $24 rate. It makes the minimum annualized salary almost $50,000, per Bank of America.
Its workforce across its various units totaled 212,000 people as of late June.
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The bank has assets totaling $3.3 trillion. It provides services to clients in the U.S. and over 35 other countries.