Bank of America has announced a landmark pay increase, raising its U.S. minimum hourly wage to $25 as of early October. The starting salary will be more than $50,000, it added. The decisions fulfill a “25 by 2025” commitment made in 2021 and positions the financial giant at the forefront of American corporate wage policy, reinforcing its long-standing reputation as a leader in minimum pay for hourly employees across the nation.
This latest adjustment brings Bank of America’s minimum wage up nearly 67% since 2017, when its base hourly rate was $15. Prior to this change, the bank’s minimum wage stood at $24 per hour—a rate set just last year—illustrating the company’s steady dedication to raising worker compensation. For full-time employees, this new wage translates into an annual salary exceeding $50,000, compared to less than $30,000 just eight years ago. The increase impacts thousands of employees nationwide, encompassing both full-time and part-time staff.
Sheri Bronstein, Bank of America’s chief people officer, emphasized the enhanced starting salary is designed as a launchpad for long-term, sustainable careers within the organization. CEO Brian Moynihan acknowledged in a Bloomberg TV interview on Thursday, though, that the bank continues to implement artificial intelligence (AI), and this has shrunk its number of employees in some departments.
