Bank of America announced today that it has raised its U.S. minimum hourly wage to $25, delivering on a pledge it first made in 2021.
The move marks a nearly 67% increase since 2018, when the bank began steadily lifting pay for its lowest-earning employees.
Until now, Bank of America’s minimum wage stood at $24 per hour. With this latest adjustment, full-time employees will earn an annualized salary exceeding $50,000.
Sheri Bronstein, Bank of America’s CPO stated, “Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America. Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.”
The raise will take effect in early October and apply to both full-time and part-time hourly positions across the United States.
The announcement comes at a fragile moment for the U.S. labor market, where weak job growth and rising unemployment are weighing on consumer confidence.
As the second-largest U.S. bank, Bank of America’s wage increase reflects broader corporate efforts to retain talent and support workers amid ongoing economic uncertainty.
By CEO NA Editorial Staff
