Bank of America raises U.S. minimum wage to $24 an hour

Sept 10 (Reuters) – Bank of America (BAC.N) said on Tuesday it has raised its minimum wage in the United States to $24 an hour.

The move moves the bank closer to its plan to achieve a minimum wage of $25 an hour by 2025, as it seeks to attract and retain talent in a competitive job market.

The nation’s second-largest lender has significantly increased its minimum hourly wage, raising it by 60% over the past seven years. The company most recently paid a minimum wage of $23 an hour.

Companies competing for talent in a competitive labor market are increasing compensation packages to ensure they retain top talent and retain top talent.

Financial giants face new challenges with the growing popularity of technology-related jobs, which are seen as the main beneficiaries of the AI ​​boom.

The influence of AI is now impacting students’ career decisions. One in five 2024 graduates in the U.S. wants to work in a job that offers an opportunity to work with generative AI, according to a report from online recruiting platform Handshake.

“Offering a competitive minimum wage is core to being a great place to work, and we are proud that Bank of America is leading by example.” said Sheri Bronstein, director of human resources.

The minimum annual salary for full-time U.S. employees will increase from $48,000 to $50,000, the bank said.

Back in 2021, Bank of America promised to raise the minimum wage to $25 an hour by 2025.

Sign up here.

Reporting by Niket Nishant in Bengaluru and Ranan Nguyen in New York. Edited by: Mohamed Safi Shamsi

Our standards: Thomson Reuters Trust Principles opens in a new tab

Purchase license rights

Lanan Nguyen is the U.S. finance editor for Reuters in New York, where he leads coverage of U.S. banks. She joined Reuters in 2022 after reporting on Wall Street for the New York Times. Lannan spent more than a decade at Bloomberg News in New York and London, where he wrote extensively about banking and financial markets, and previously worked at the Dow Jones Newswires/Wall Street Journal. Lannan holds a bachelor’s degree in political science from Tufts University and a master’s degree from the same university. in Finance and Economic Policy from the University of London.

Niket Nishant reports on the latest news and quarterly earnings from Wall Street’s biggest banks, card companies, financial technology startups, and asset managers. We also cover crypto industry news and regulatory developments, as well as the largest IPOs and late-stage venture capital financings on US exchanges. His work is featured in the Finance, Business, Markets and Future of Money section of the website. He graduated from the Indian Institute of Journalism and New Media (IIJNM), Bangalore.

Source link