Bank of America reaches minimum wage goal ahead of anticipated date

By Caroline Hudson

March 31, 2020

Bank of America Corp. (NYSE: BAC) has raised its minimum wage to $20 per hour about a year ahead of schedule.

The Charlotte-based bank announced plans in April 2019 to raise its minimum wage to the $20 threshold by 2021. BofA then hiked its minimum wage from $15 per hour to $17 per hour in May 2019.

“Investing in our teammates by paying fairly, and providing competitive benefits and programs is key to our commitment to being a great place to work,” said Sheri Bronstein, chief human resources officer at BofA.

BofA said its minimum wage has risen by nearly $9 since 2010.

Read More