Bank of America announced Wednesday, Sept. 17, it has raised its U.S. minimum hourly wage to $25 per hour. With the increase, the minimum annualized salary for full-time employees in the U.S. will rise to more than $50,000.
The increase, which goes into effect in early October, applies to all full-time and part-time hourly positions in the U.S., affecting thousands of employees across the nation.
This is the company’s latest move after steadily increasing its minimum wage over the last several years, from $15 per hour to $25 per hour. With the increase to $25, the starting salary for full-time U.S. employees at the bank will have gone up more than $20,000 since 2017.
“Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America,” said Sheri Bronstein, chief people officer, Bank of America. “Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.”
BofA currently has 170 employees and 11 local financial centers in Memphis where many new starting pay positions are based.
“This increased starting salary, combined with our skills-based professional development programs and career mobility, reflect our commitment to creating a workplace where every teammate has the opportunity to start and grow a career,” said Trevia Chatman, president of Bank of America Memphis.
“This along with industry-leading benefits ranging from 16-weeks of parental leave and caregiver support to tuition reimbursement, make BofA a leading employer in Memphis,” Chatman added.
