Bank of America to raise minimum wage to $20 an hour by 2021

The company’s CEO and six other banking leaders are scheduled to go before a House panel on Wednesday

Originally Published by The Washington Post

April 9 at [2:35] PM

Bank of America said Tuesday that it would raise its minimum wage to $20 an hour by 2021, a move that comes a day before banking industry leaders are scheduled to be grilled on Capitol Hill on their record profits a decade after the financial crisis.

The pay increase will affect all of the Charlotte-based bank’s more than 200,000 employees, the bank said.

“If you get a job at Bank of America, you’ll make $41,000” a year, Brian Moynihan, the company’s chief executive, told MSNBC. “With the success our company has . . . we have to share that success with our teammates.”

Bank of America’s announcement comes as Democratic lawmakers push legislation to raise the federal minimum wage to $15 per hour and a tight labor market has left some employers struggling to find enough people to fill their ranks.

“The job market is very healthy, and this is one way to help employee retention,” Ken Leon, director of equity research at CFRA Research, said of Bank of America’s announcement.

 

 

Continued

 

 

ABOUT JEFF ALTMAN, THE BIG GAME HUNTER

Jeff Altman, The Big Game Hunter
Jeff Altman, The Big Game Hunter

Jeff Altman, The Big Game Hunter is a career and leadership coach who worked as a recruiter for more than 40 years. He is the host of “No BS Job Search Advice Radio,” the #1 podcast in iTunes for job search with more than 1400 episodes and his newest show, “No BS Coaching Advice.” He is a member of The Forbes Coaches Council. “No BS JobSearch Advice Radio” was recently named a Top 10 podcast for job search. JobSearchTV.com was also recently named a Top 10 YouTube channel for job search.

Are you interested in 1:1 coaching, interview coaching, advice about networking more effectively, how to negotiate your offer or leadership coaching? Schedule a free Discovery call.

If you have questions for me, call me through the Magnifi app for iOS (video) or PrestoExperts.com (phone)

JobSearchCoachingHQ.com offers great advice for job hunters—videos, my books and guides to job hunting, podcasts, articles, PLUS a community for you to ask questions of PLUS the ability to ask me questions where I function as your ally with no conflict of interest answering your questions.  

Connect with me on LinkedInLike me on Facebook.

Join and attend my classes on Skillshare. Become a premium member and get 2 months free.

Jeff Altman, The Big Game Hunter
Jeff Altman, The Big Game Hunter

Join Career Angles on Facebook and receive support, ideas and advice in your current career and job.

You can order a copy of “Diagnosing Your Job Search Problems” for Kindle on Amazon and receive free Kindle versions of “No BS Resume Advice” and “Interview Preparation.” If you are starting your search, order, “Get Ready for the Job Jungle.” 

If you want to know how to win more interviews, order “Winning Interviews.” You’ll learn how to win phone interviews, in-person interviews, the best question to ask on any interview and more.

Would you like to talk through a salary negotiation or potential negotiation you’re involved with? Order and schedule time with me.

Do you have questions or would like advice about networking or any aspect of your search. Order and schedule time with me.

Would you like me to critique your resume. Order a critique from me

Jeff’s Kindle book, “You Can Fix Stupid: No BS Hiring Advice,” is available on Amazon.

About the author

Leave a Comment, Thought, Opinion. Speak like you're speaking with someone you love.

%d bloggers like this: