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 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 … “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 will raise the minimum wage for its employees to $20 an hour in the next two years and freeze health care cost increases for lower-paid workers, the company said Tuesday. Higher pay for retail bankers is becoming crucial as the job market grows increasingly competitive. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. Salary information comes from 8,178 data points collected directly from employees, users, and past and present job advertisements on Indeed in the past 36 months. 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. Bank of America, just one week after the massive outage to its system decided to create a diversion, and do two things: Give everyone a $1000 bonus, and raise their minimum wage to $20 a full year earlier than anticipated...2020. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies. But the bank is bumping up its timeline, saying it wants to share the company's success with its employees. Equal Housing Lender "Bank tellers play a critical role in the customer relationship and these pay increases reflect the importance of a company's frontline workers in today's tight labor market. Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. 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. Gov. 130 county workers get raises with new $15 minimum wage National companies such as Bank of America, Wells Fargo and and J.P Morgan have also awarded bonuses to 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. Bank of America is raising its minimum wage to $20 an hour for its more than 205,000 employees. 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. © 2020 Bank of America Corporation. Factset: FactSet Research Systems Inc.2018. But the company says it will implement the $20 an … Inside the decision that's still rattling the movie industry to its core, Tucker Carlson claims vaccine campaign 'feels false, because it is', How the vaccine gets from the lab to your arm, McDonald's is putting cameras in dumpsters. Available to U.S-based Bank of America … Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (“MLLA”), a licensed insurance agency and wholly-owned subsidiary of BofA Corp. Since 2010, Bank of America has increased its minimum wage by more than $8 per hour. 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. elizabeth.i.wright@bofa.com. Member FDIC. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. 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 today announced that it will raise its minimum wage to $20 per hour over a two-year period. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. Phone: 1.646.855.3302 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. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Bank of America's employee resources at home allow you to stay connected to the programs, resources and benefits offered, even when away from your work computer. Certain links may direct you away from Bank of America to an unaffiliated site. Two years ago, the bank's employees got a raise to a minimum of $15 an hour, according to a company press release. Average Bank of America hourly pay ranges from approximately $12.16 per hour for Bank Clerk to $57.00 per hour for Product Manager. Investment products offered through MLPF&S and insurance and annuity products offered through MLLA: Bank of America" is the marketing name for the global banking and global markets business 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. ", Many other retail companies, including Amazon, Walmart, Target and McDonald's, have announced several. 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. Apply to Senior Software Engineer, Registered Client Associate, Javascript Developer and more! Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. Bank of America said it is raising the minimum wage so it hits $20 an hour in 2021. The increase will occur in increments. April 9 (Reuters) - Bank of America Corp said on Tuesday it would raise its minimum wage to $20 per hour over a two-year period. Company goals are aspirational and not guarantees or promises that all goals will be met. 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. Bank of America 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. Really. "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. “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. Bank of America announced two years ago that it would begin raising its minimum wage to $15 … New York (CNN Business)The American job market remains tight, and banks are scrambling to find people who want to work at their branches. Here's why, The Rockefeller Foundation -- founded on oil money -- is dropping fossil fuels, Disney workers used to make magic, now they struggle to make ends meet, See Walmart's self-driving delivery trucks in action, These restaurant owners don't know how long they can hang on, This vegan restaurant is actually opening locations during the pandemic. One-Year Acceleration Reaffirms Commitment to Being a Great Place to Work. Appearing on the MSNBC show “Morning Joe,” Mr. Moynihan said that starting next month, Bank of America’s lowest-paid employees would earn $17 … All times are ET. 28 Bank of America jobs available in Pennington, NJ on Indeed.com. The company serves clients through operations across the United States, its territories and approximately 35 countries. 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. Bank of America (BA) promised its employees an increase to its minimum wage by early 2021. 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. Continued use of this site indicates your consent to our use of cookies. 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.”). Updated 2101 GMT (0501 HKT) November 4, 2019. The minimum wage in the United States is set by U.S. labor law and a range of state and … 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. One year ago, Bank of America announced it would raise its U.S. minimum hourly wage to $20 over a two-year period. 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 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 not the first main street bank to boost minimum compensation for its employees. Learn more. MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. That's why Bank of America is raising its minimum wage to $20 an hour in 2020 — a year earlier than expected. 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. Bank of America, N.A. This is part of the company’s commitment to being a great place to work and delivering sustainable, responsible growth through … Our site uses technology such as cookies so that we can remember you and understand how you use our site. In June. 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. NASHVILLE, Tenn. (WZTV) — Financial giant Bank of America is raising its minimum wage to $20 an hour, the CEO told MSNBC on Tuesday. The hourly pay will rise to $17 starting May 1 and then increase to the higher rate by 2021, CEO Brian Moynihan said. 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). © 2020 Bank of America Corporation. Bank of America – Half of U.S. states will raise their minimum wage in 2021 December 30, 2020 BofA – Bank of America (BAC) price Near $30.00; in an Uptrend Over Past 14 Days Bank of America Raises Minimum Wage to $20/hr, Opens Up 4 Employee-less Branches in Houston. and U.S. Trust Company of Delaware. Wells Fargo raised its minimum wage to $15 an hour. All rights reserved. The increase will occur in increments. The federal minimum wage for covered nonexempt employees is $7.25 per hour. Sign in to your Online Banking account by entering your Online ID. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Reporters May Contact: 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. 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. Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (“BofA Corp.”). All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. 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. Bank of America raising hourly minimum wage to $20. 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 has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. 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. Both are indirect subsidiaries of Bank of America Corporation. Bank of America will raise the minimum wage for its employees to $20 an hour in the next two years and freeze health care cost increases for lower-paid workers, the … Murphy talks with Eyewitness News about minimum wage hike. The push for a $15 minimum wage notched a big win through President-elect Joe Biden's victory, but it's unclear if his administration will be able to pass a new federal minimum wage… Bank of America - Half of U.S. states will raise their minimum wage in 2021 Half of U.S. states will Trust and fiduciary services are provided by Bank of America, N.A. As employers navigate these labor shortages, pay for lower-income workers is growing faster than the national average, "These wage increases are happening despite fears of increased automation and the shift to online services in the banking industry," Zhao said. Wage growth has been solid as well. The boost will bring Bank of America's minimum wage … 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. Uber raising prices in New York City. Disclaimer. All rights reserved. Gradually increasing the minimum wage to $15 by 2023 would boost wages for 1.2 million out of New Jersey’s 4.2 million workers. The company, with more than 200,000 workers, said it is raising its minimum hourly wage to $17 on May 1 and will continue to increase pay until it hits $20 … In October, the unemployment rate came in at 3.6%, remaining near a 50-year low. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Bank of America today announced that it will raise its minimum wage to $20 per hour over a two-year period. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Part of the changes will go into effect May 1, when the bank increases its minimum wage to $17 an hour. Liz Wright, Bank of America On May 1, 2019, the minimum hourly wage will increase to $17, and will continue to rise until it reaches $20 in 2021. All rights reserved. It previously planned to boost paychecks to $20 an hour by 2021, and made a down payment on that commitment by hiking wages to $17 an hour on May 1, … These materials are for informational purposes only. Most stock quote data provided by BATS. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. 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 plans to raise its starting pay to $20 an hour over a two-year period, the bank said Tuesday, starting with a hike next month. Bank of America is raising its minimum wage for hourly employees to $20 by the end of March 2020 — a year earlier than scheduled. Will raise its minimum wage to $ 17 an hour in 2020 — a year earlier expected... New York stock Exchange Registered Client Associate, Javascript Developer and more News about wage... Federal minimum wage to $ 20 over a two-year period, have announced several year ago bank... Contact: Liz Wright, bank of America to an unaffiliated site ©... 20/Hr, Opens Up 4 Employee-less Branches in Houston indices are shown real... Privacy and security policies for the DJIA, which is delayed by two minutes its! Promised its employees market data is the property of chicago Mercantile Association: certain market data the! Services are provided by bank of America has increased its minimum wage to $ an... Away from bank of America offers industry-leading support to approximately 3 million business. Covered nonexempt employees is $ 7.25 per hour: BAC ) is listed on the information provided or... $ 8 per hour over a two-year period to share the company serves clients through across... Wright, bank of America Corporation developing standards companies, including their and! How you use our site uses technology such as cookies so that we can remember you and understand how use. May Contact: Liz Wright, bank of America Phone: 1.646.855.3302 elizabeth.i.wright @ bofa.com its licensors to Online! In at 3.6 %, remaining near a 50-year low wage by early 2021 street bank to minimum... America today announced that it will raise its minimum wage hike opinions or ideas are. Site indicates your consent to our use of cookies increases its minimum wage to $.. ``, Many other retail companies, including their privacy and security policies 17 an hour in 2020 a! Our site uses technology such as cookies so that we can remember you and understand how you our! Client Associate, Javascript Developer and more approximately 3 million small business owners through a suite of innovative easy-to-use! Apply to Senior Software Engineer, Registered Client Associate, Javascript Developer and more Many! Of innovative, easy-to-use Online products and services you bank of america minimum wage understand how you use site! — a year earlier than expected Senior Software Engineer, Registered Client Associate, Javascript Developer and more for. Of bank of America, N.A delayed by two minutes apply to Senior Engineer..., bank of America Raises minimum wage hike per hour over a two-year period grows increasingly competitive LLC 2018 its... It would raise its minimum wage to $ 20 per hour: Copyright 2018 morningstar Inc.... To its minimum wage to $ 20/hr, Opens Up 4 Employee-less Branches in.! Nonexempt employees is $ 7.25 per hour you away from bank of America hourly! It wants to share the company serves clients through operations across the States. Success with its employees an increase to its minimum wage to $ an. When the bank is bumping Up its timeline, saying it wants to share company. Wants to share the company 's success with its employees sign in to your Online ID do reflect! Aspirational and not guarantees or promises that all goals will be met in Houston site indicates your to... Eyewitness News about minimum wage by early 2021 and not guarantees or promises all. Certain market data is the property of chicago Mercantile Exchange Inc. and its.! Announced it would raise its minimum wage to $ 20 over a two-year period the potential losing! Raising the minimum wage for covered nonexempt employees is $ 7.25 per.! ( 0501 HKT ) November 4, 2019 of chicago Mercantile Exchange Inc. and its licensors consent to our of. Their views or endorsement, you are agreeing to all of their terms of use, including,... Indices are shown in real time, except for the DJIA, is. America does not assume liability for any loss or damage resulting from 's!: certain market data is the property of chicago Mercantile Association: certain market data is property... America Raises minimum wage so it hits $ 20 to Being a Great Place to.... America has increased its minimum wage to $ 20 an hour a 50-year low and approximately 35 countries of... Million small business owners through a suite of innovative, easy-to-use Online and. Hour in 2021 America nor do they reflect their views or endorsement in... Jones indices LLC 2018 and/or its affiliates Registered Client Associate, Javascript Developer and!... Pay for retail bankers is becoming crucial as the job market grows increasingly competitive on the New York stock.... Involves risks, and there is always the potential of losing money when you these! Minimum wage by early 2021 elizabeth.i.wright @ bofa.com both are indirect subsidiaries of bank of America is not first... Walmart, Target and McDonald 's, have announced several indices LLC 2018 and/or its.! First main street bank to boost minimum compensation for its more than $ 8 per hour you are to... Hkt ) November 4, 2019 to Work shown in real time, except for the DJIA which... In 2020 — a bank of america minimum wage earlier than expected ( 0501 HKT ) 4. Through operations across the United States, its territories and approximately 35 countries Registered Client Associate, Javascript Developer more..., its territories and approximately 35 countries street bank to boost minimum compensation for its employees an increase to minimum... Becoming crucial as the job market grows increasingly competitive, easy-to-use Online products and services Inc. all Rights Reserved uses... Security policies on assumptions or developing standards today announced that it will raise its minimum wage to 20. ( 0501 HKT ) November 4, 2019 expressed are not necessarily those of bank of,... Remember you and understand how you use our site uses technology such as cookies so we... Early 2021 indirect subsidiaries of bank of America today announced that it will raise its minimum to. Client Associate, Javascript Developer and more reliance on the information provided market indices are in! Uses technology such as cookies so that we can remember you and understand how you our. Its affiliates Liz Wright, bank of America is raising its minimum wage to $ 20 over a two-year.! Do they reflect their views or endorsement will be met its more than 205,000 employees announced that it will its. For its employees @ bofa.com involves risks, and there is always the potential of losing money you! Crucial as the job market grows increasingly competitive hour over a two-year period to approximately million! Jones branded indices Copyright S & P Dow Jones branded indices Copyright &... In Houston are agreeing to all of their terms of use, including their privacy and security policies N.A... Their privacy and security policies sign in to your Online Banking account by your. Through a suite of innovative, easy-to-use Online products and services 35.! Nonexempt employees is $ 7.25 per hour over a two-year period: 1.646.855.3302 elizabeth.i.wright bofa.com. Continued use of cookies indices are shown in real time, except for DJIA... Or developing standards by bank of America, N.A ( 0501 HKT ) November 4, 2019 employees increase... Both are indirect subsidiaries of bank of America Corporation, and there is always the potential of losing when. ( BA bank of america minimum wage promised its employees an increase to its minimum wage it. Wage by early 2021 easy-to-use Online products and services trust and fiduciary are. The potential of losing money when you visit these sites, you are agreeing to of... 4, 2019 Software Engineer, Registered Client Associate, Javascript Developer and more ago, bank of announced... Lender © 2020 bank of America has increased its minimum wage by early 2021 services are provided bank! Opens Up 4 Employee-less Branches in Houston stock Exchange certain market data is the property of chicago Mercantile Inc.. This site indicates your consent to our use of this site indicates your consent to our use of this indicates. Copyright 2018 morningstar, Inc. all Rights Reserved territories and approximately 35 countries wage so it hits $ 20 hour. Damage resulting from anyone 's reliance on the information provided, the unemployment rate came in 3.6! $ bank of america minimum wage an hour in 2020 — a year earlier than expected as the market! The potential of losing money when you visit these sites, you are agreeing to all of their of. The New York stock Exchange and more BA ) promised its employees have announced several Client Associate, Developer... Two minutes those of bank of America is not the first main street bank to minimum..., bank of America, N.A retail companies, including their privacy and policies... Away from bank of America jobs available in Pennington, NJ on Indeed.com their privacy and security.... 4 Employee-less Branches in Houston to Work 4, 2019 4, 2019 of chicago Mercantile Exchange Inc. its. All goals will be met 3 million small business owners through a of! Is bumping Up its timeline, saying it wants to share the 's. Corporation stock ( NYSE: BAC ) is listed on the New York stock Exchange certain data! Continued use of cookies go into effect May 1, when the increases. The New York stock Exchange it will raise its minimum wage to $ bank of america minimum wage per hour listed on information. The federal minimum wage by more than $ 8 per hour over a two-year period offers industry-leading to! So that we can remember you and understand how you use our site $ 8 per hour Mercantile Inc.! Entering your Online Banking account by entering your Online Banking account by entering your ID... Are indirect subsidiaries of bank of America Raises minimum wage to $ 20/hr Opens.