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The
move brings the bank closer to its plan to reach a $25 minimum
hourly wage by 2025, as it aims to attract and retain talent in
a competitive job market.
The second-largest U.S. lender has significantly increased its
minimum hourly pay, raising it by 60% over the past seven years.
The company was most recently paying a minimum wage of $23 per
hour.
Companies vying for talent in a competitive labor market are
enhancing compensation packages to attract and retain skilled
employees, ensuring that top performers remain within the
organization.
Financial heavyweights are facing a new challenge in the form of
the rising popularity of technology jobs, which are seen as the
primary beneficiaries of the AI boom.
The pull of AI is now influencing the career decisions of
students. One in five 2024 graduates in the U.S. is more
inclined to pursue a job that offers opportunities to work with
generative AI, according to a report from the online recruitment
platform Handshake.
"Providing a competitive minimum wage is core to being a great
place to work, and I am proud that Bank of America is leading by
example," said Sheri Bronstein, the bank's chief human resources
officer.
Full-time employees in the U.S. will now have a minimum
annualized salary of $50,000, up from $48,000, the bank said.
Back in 2021, Bank of America had pledged to raise its minimum
hourly wage to $25 by 2025.
(Reporting by Niket Nishant in Bengaluru and Lananh Nguyen in
New York; Editing by Mohammed Safi Shamsi)
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