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