CHARLOTTE, N.C. -- Bank of America is raising its starting pay to $20 an hour over a two-year period, starting with a hike next month. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. Bank of America (BA) promised its employees an increase to its minimum wage by early 2021. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Liz Wright, Bank of America But the bank is bumping up its timeline, saying it wants to share the company's success with its employees. 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The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,800 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 2,000 business centers; approximately 16,800 ATMs; and award-winning digital banking with approximately 38 million active users, including approximately 29 million mobile users. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. Company goals are aspirational and not guarantees or promises that all goals will be met. In June. Continued use of this site indicates your consent to our use of cookies. The company serves clients through operations across the United States, its territories and approximately 35 countries. Equal Housing Lender Wells Fargo raised its minimum wage to $15 an hour. That's why Bank of America is raising its minimum wage to $20 an hour in 2020 — a year earlier than expected. The boost will bring Bank of America's minimum wage … CHARLOTTE, N.C. -- Bank of America is raising its starting pay to $20 an hour over a two-year period, starting with a hike next month. Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). Bank of America’s pay-for-performance philosophy reinforces the company’s core values and culture by inspiring employees to do great work, encouraging and retaining talent, and building trust within teams. NASHVILLE, Tenn. (WZTV) — Financial giant Bank of America is raising its minimum wage to $20 an hour, the CEO told MSNBC on Tuesday. Higher pay for retail bankers is becoming crucial as the job market grows increasingly competitive. This is part of the company’s commitment to being a great place to work and delivering sustainable, responsible growth through … Bank of America is raising its minimum wage to $17 an hour starting in May in a longer-term effort to increase it to $20 by 2021. Bank of America, N.A. Most stock quote data provided by BATS. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. AstraZeneca vaccine provides 'logistical convenience', Here's what the new stimulus package means for Americans, Covid relief bill extends aid to struggling Americans, 'Trolls' digital release was a first. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. On May 1, 2019, the minimum hourly wage will increase to $17, and will continue to rise until it reaches $20 in 2021. Bank of America today announced that it will raise its minimum wage to $20 per hour over a two-year period. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. Since 2010, the company’s minimum hourly wage has increased by more than 77% (nearly $9 per hour) – three years ago, Bank of America raised it to $15; in 2019, it rose to $17; and today, it is $20. The company, with more than 200,000 workers, said it is raising its minimum hourly wage to $17 on May 1 and will continue to increase pay until it hits $20 … Appearing on the MSNBC show “Morning Joe,” Mr. Moynihan said that starting next month, Bank of America’s lowest-paid employees would earn $17 … All times are ET. Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (“BofA Corp.”). Bank of America raising hourly minimum wage to $20. Certain links may direct you away from Bank of America to an unaffiliated site. Really. © 2020 Bank of America Corporation. Factset: FactSet Research Systems Inc.2018. Both are indirect subsidiaries of Bank of America Corporation. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. © 2020 Bank of America Corporation. Bank of America to raise minimum wage to $20 an hour by 2021 Bank of America is raising the minimum wage for employees this year and plans to hike it to $20 an hour … In October, the unemployment rate came in at 3.6%, remaining near a 50-year low. The push for a $15 minimum wage notched a big win through President-elect Joe Biden's victory, but it's unclear if his administration will be able to pass a new federal minimum wage… Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. Gradually increasing the minimum wage to $15 by 2023 would boost wages for 1.2 million out of New Jersey’s 4.2 million workers. Bank of America - Half of U.S. states will raise their minimum wage in 2021 Half of U.S. states will Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). 130 county workers get raises with new $15 minimum wage National companies such as Bank of America, Wells Fargo and and J.P Morgan have also awarded bonuses to employees. Two years ago, the bank's employees got a raise to a minimum of $15 an hour, according to a company press release. Bank of America, just one week after the massive outage to its system decided to create a diversion, and do two things: Give everyone a $1000 bonus, and raise their minimum wage to $20 a full year earlier than anticipated...2020. Bank of America's employee resources at home allow you to stay connected to the programs, resources and benefits offered, even when away from your work computer. Of those 1.2 million workers, approximately 107,000 are workers under 20 years of age, representing an overwhelming majority—9 out of 10—of all teen workers in the state. Bank of America is raising its minimum wage for hourly employees to $20 by the end of March 2020 — a year earlier than scheduled. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. One year ago, Bank of America announced it would raise its U.S. minimum hourly wage to $20 over a two-year period. Member FDIC. Bank of America – Half of U.S. states will raise their minimum wage in 2021 December 30, 2020 BofA – Bank of America (BAC) price Near $30.00; in an Uptrend Over Past 14 Days All rights reserved. Bank of America announced two years ago that it would begin raising its minimum wage to $15 … Sign in to your Online Banking account by entering your Online ID. Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. The increase will occur in increments. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Bank of America today announced that it will raise its minimum wage to $20 per hour over a two-year period. "Bank tellers play a critical role in the customer relationship and these pay increases reflect the importance of a company's frontline workers in today's tight labor market. Updated 2101 GMT (0501 HKT) November 4, 2019. … elizabeth.i.wright@bofa.com. Part of the changes will go into effect May 1, when the bank increases its minimum wage to $17 an hour. Our site uses technology such as cookies so that we can remember you and understand how you use our site. Apply to Senior Software Engineer, Registered Client Associate, Javascript Developer and more! Bank of America (BAC) said Monday it would raise its minimum wage for its more than 208,000 US employees by the end of the first quarter of 2020. “Across the company, we believe that being a great place to work is core to our ability to grow sustainably, as we continue to drive responsible growth.”. "Employers are facing the lowest unemployment rate in 50 years and they're feeling significant pressure to raise wages to compete for talent," said Daniel Zhao, senior economist at Glassdoor. The minimum wage in the United States is set by U.S. labor law and a range of state and … Available to U.S-based Bank of America … Since 2010, Bank of America has increased its minimum wage by more than $8 per hour. Gov. Bank of America Raises Minimum Wage to $20/hr, Opens Up 4 Employee-less Branches in Houston. Salary information comes from 8,178 data points collected directly from employees, users, and past and present job advertisements on Indeed in the past 36 months. Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (“MLLA”), a licensed insurance agency and wholly-owned subsidiary of BofA Corp. It previously planned to boost paychecks to $20 an hour by 2021, and made a down payment on that commitment by hiking wages to $17 an hour on May 1, … Murphy talks with Eyewitness News about minimum wage hike. Its efforts have been recognized by a number of external organizations including LinkedIn, Catalyst and Fortune, most recently as the only financial services company included in Fortune’s “Best Big Companies to Work For” list for the second consecutive year. As employers navigate these labor shortages, pay for lower-income workers is growing faster than the national average, "These wage increases are happening despite fears of increased automation and the shift to online services in the banking industry," Zhao said. Trust and fiduciary services are provided by Bank of America, N.A. April 9 (Reuters) - Bank of America Corp said on Tuesday it would raise its minimum wage to $20 per hour over a two-year period. For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts. New York (CNN Business)The American job market remains tight, and banks are scrambling to find people who want to work at their branches. One-Year Acceleration Reaffirms Commitment to Being a Great Place to Work. 28 Bank of America jobs available in Pennington, NJ on Indeed.com. But the company says it will implement the $20 an … Phone: 1.646.855.3302 Bank of America plans to raise its starting pay to $20 an hour over a two-year period, the bank said Tuesday, starting with a hike next month. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Bank of America is raising its minimum wage to $20 an hour for its more than 205,000 employees. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Since 2010, the company’s minimum hourly wage has increased by more than 77% (nearly $9 per hour) – three years ago, Bank of America raised it to $15; in 2019, it rose to $17; and today, it is $20. and U.S. Trust Company of Delaware. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Investment products offered through MLPF&S and insurance and annuity products offered through MLLA: Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. The hourly pay will rise to $17 starting May 1 and then increase to the higher rate by 2021, CEO Brian Moynihan said. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The first increment to $17 was made in May 2019; six months later, the company announced it would accelerate the move to $20 by a year; and in March this year, Bank of America made this change. Bank of America said it is raising the minimum wage so it hits $20 an hour in 2021. Disclaimer. Bank of America will raise the minimum wage for its employees to $20 an hour in the next two years and freeze health care cost increases for lower-paid workers, the … All rights reserved. Learn more. Bank of America’s increase to paying $20 per hour builds on the company’s history of being an industry leader in establishing an internal minimum rate of pay for its U.S. hourly employees. ", Many other retail companies, including Amazon, Walmart, Target and McDonald's, have announced several. The federal minimum wage for covered nonexempt employees is $7.25 per hour. Bank of America will raise the minimum wage for its employees to $20 an hour in the next two years and freeze health care cost increases for lower-paid workers, the company said Tuesday. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. All rights reserved. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. Bank of America is not the first main street bank to boost minimum compensation for its employees. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. CHARLOTTE, N.C. -- Bank of America is raising its starting pay to $20 an hour over a two-year period, starting with a hike next month. Bank of America’s increase to paying $20 per hour builds on the company’s history of being an industry leader in establishing an internal minimum rate of pay for its U.S. hourly employees. “Investing in our teammates by paying fairly, and providing competitive benefits and programs is key to our commitment to being a great place to work,” said Sheri Bronstein, chief human resources officer at Bank of America. Wage growth has been solid as well. Reporters May Contact: Uber raising prices in New York City. Bank of America said Monday it would raise its minimum wage for its more than 208,000 US employees by the end of the first quarter of 2020. Bank of America’s increase to paying $20 per hour builds on the company’s history of being an industry leader in establishing an internal minimum rate of pay for its U.S. hourly employees. Average Bank of America hourly pay ranges from approximately $12.16 per hour for Bank Clerk to $57.00 per hour for Product Manager. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. These materials are for informational purposes only. MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. 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