Bank of America raises minimum wage to $20 per hour - WTHR

CHARLOTTE, N.C. (WTHR) — Bank of America CEO Brian Moynihan says some employees will get a pay raise beginning May 1, and another one is two years.

Moynihan said on MSNBC Tuesday the bank is raising minimum wage $17 an hour next month and $20 an hour in two years.

"If you get a job at Bank of America, you'll make $41,000," Moyniham said. "With the success our company has ... we have to share that success with our teammates."

According to a press release, the company will raise minimum wage in increments between now and 2021, when it will reach $20 an hour. The raises come after the bank raised minimum wage from $13.50 to $15 an hour in 2017.

In addition to the pay increases, Moynihan also said the bank has frozen healthcare cost increases for lower-paid employees.

According to CNBC, a 2013 report from the Committee for Better Banks showed about one-third of bank tellers were on some form of public assistance like Medicaid to food stamps.

Moynihan himself has also gotten a recent raise. His salary increased 15 percent to $26.5 million.

Let's block ads! (Why?)