A major U.S. bank, with over $2.6 billion in assets, just raised its minimum wage.
Bank of America announced on Wednesday that it would raise its minimum pay for its full- and part-time U.S. hourly workers to $25 an hour. The change will take effect next month, pushing the minimum salary for full-time U.S. employees to over $50,000 annually.
This pay increase is the final phase of a plan announced in 2017 to boost the bank’s base pay from $15 an hour to $25 an hour by 2025. (Employees have been making $24 an hour since October 2024.) With the raise to $25 an hour, the starting salary for full-time U.S.