Bank of America U.S. Minimum Hourly Wage Reaches $20
March 31 2020 - 5:07PM
Business Wire
One-Year Acceleration Reaffirms Commitment to
Being a Great Place to Work
One year ago, Bank of America announced it would raise its U.S.
minimum hourly wage to $20 over a two-year period. The first
increment to $17 was made in May 2019; six months later, the
company announced it would accelerate the move to $20 by a year;
and in March this year, Bank of America made this change.
“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 Bank of America. “Across the company, we believe that
being a great place to work is core to our ability to grow
sustainably, as we continue to drive responsible growth.”
Bank of America’s increase to paying $20 per hour builds on the
company’s history of being an industry leader in establishing an
internal minimum rate of pay for its U.S. hourly employees. Since
2010, the company’s minimum hourly wage has increased by more than
77% (nearly $9 per hour) – three years ago, Bank of America raised
it to $15; in 2019, it rose to $17; and today, it is $20.
Bank of America’s pay-for-performance philosophy reinforces the
company’s core values and culture by inspiring employees to do
great work, encouraging and retaining talent, and building trust
within teams. Its efforts have been recognized by a number of
external organizations including LinkedIn, Catalyst and Fortune,
most recently as the only financial services company included in
Fortune’s “Best Big Companies to Work For” list for the second
consecutive year.
Bank of America Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 2,800
lending centers, 2,600 financial centers with a Consumer Investment
Financial Solutions Advisor and 2,000 business centers;
approximately 16,800 ATMs; and award-winning digital banking with
approximately 38 million active users, including approximately 29
million mobile users. Bank of America is a global leader in wealth
management, corporate and investment banking and trading across a
broad range of asset classes, serving corporations, governments,
institutions and individuals around the world. Bank of America
offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United States, its territories and
approximately 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
www.bankofamerica.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200331005851/en/
Reporters May Contact: Liz Wright, Bank of America,
1.646.855.3302 elizabeth.i.wright@bofa.com
Bank of America (NYSE:BAC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bank of America (NYSE:BAC)
Historical Stock Chart
From Apr 2023 to Apr 2024