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. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Available to U.S-based Bank of America … Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. The increase will occur in increments. NASHVILLE, Tenn. (WZTV) — Financial giant Bank of America is raising its minimum wage to $20 an hour, the CEO told MSNBC on Tuesday. Gov. Bank of America to raise minimum wage to $20 an hour by 2021 Bank of America is raising the minimum wage for employees this year and plans to hike it to $20 an hour … Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. In June. Bank of America (BAC) said Monday it would raise its minimum wage for its more than 208,000 US employees by the end of the first quarter of 2020. Our site uses technology such as cookies so that we can remember you and understand how you use our site. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. “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. © 2020 Bank of America Corporation. Bank of America is raising its minimum wage to $20 an hour for its more than 205,000 employees. Company goals are aspirational and not guarantees or promises that all goals will be met. Learn more. Both are indirect subsidiaries of Bank of America Corporation. 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. "Employers are facing the lowest unemployment rate in 50 years and they're feeling significant pressure to raise wages to compete for talent," said Daniel Zhao, senior economist at Glassdoor. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. 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. Bank of America is raising its minimum wage to $17 an hour starting in May in a longer-term effort to increase it to $20 by 2021. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Really. 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. 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 today announced that it will raise its minimum wage to $20 per hour over a two-year period. Bank of America (BA) promised its employees an increase to its minimum wage by early 2021. Of those 1.2 million workers, approximately 107,000 are workers under 20 years of age, representing an overwhelming majority—9 out of 10—of all teen workers in the state. 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. All rights reserved. elizabeth.i.wright@bofa.com. Uber raising prices in New York City. That's why Bank of America is raising its minimum wage to $20 an hour in 2020 — a year earlier than expected. AstraZeneca vaccine provides 'logistical convenience', Here's what the new stimulus package means for Americans, Covid relief bill extends aid to struggling Americans, 'Trolls' digital release was a first. CHARLOTTE, N.C. -- Bank of America is raising its starting pay to $20 an hour over a two-year period, starting with a hike next month. The company serves clients through operations across the United States, its territories and approximately 35 countries. 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. Wells Fargo raised its minimum wage to $15 an hour. All times are ET. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Bank of America announced two years ago that it would begin raising its minimum wage to $15 … Since 2010, Bank of America has increased its minimum wage by more than $8 per hour. Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). Appearing on the MSNBC show “Morning Joe,” Mr. Moynihan said that starting next month, Bank of America’s lowest-paid employees would earn $17 … Liz Wright, Bank of America Bank of America today announced that it will raise its minimum wage to $20 per hour over a two-year period. Bank of America - Half of U.S. states will raise their minimum wage in 2021 Half of U.S. states will 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. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Anyone 's reliance on the New York stock Exchange Mercantile Exchange Inc. and its licensors unaffiliated site equal Housing ©! 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