Bank of America Boosts Minimum Wage to $20 an Hour, Topping Rivals Chase and Wells Fargo

Bank of America Corp., the second-biggest U.S. lender, plans to raise its minimum wage to $20 an hour over two years.The baseline will rise to $17 on May 1 and then to $20 in 2021, the Charlotte, North Carolina-based lender said Tuesday in a statement. Bank of America has more than 205,000 employees and is Texas' second-largest bank, with $121 billion in deposits."We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams," Sheri Bronstein, the company's chief human resources officer, said in the statement. "Saying thank you, celebrating great work and sharing our success further demonstrate our commitment to being a great place to work."Wall Street chief executive officers, including Bank of America's Brian Moynihan, will face the House Financial Services Committee in Washington Wednesday, where a group of newly elected progressive Democrats are likely to grill them on topics ranging from gender gaps in bank compensation, stock buybacks and financing for private prisons and oil and gas pipelines.  Continue reading...

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