All times are ET. Higher pay for retail bankers is becoming crucial as the job market grows increasingly competitive. In 2017, Wells Fargo set its minimum wage at $15 an hour, up from $13.50. But the bank is bumping up its timeline, saying it wants to share the company's success with its employees. (Photo: Elise Amendola / Associated Press). Users can find the show on the KSL Newsradio website and app, as well as Apple Podcasts and Google Play. CVS announced in February that it will be using money gained through the U.S. tax overhaul to increase its starting minimum pay to $11 an hour. Jesse L. Jackson, the civil rights leader, was in the audience. There’s still one company that offers a better opening salary that Bank of America — but you’ll have to move to Seattle to get this job. Bank of America, N.A. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Though the House measure drew three Republican votes, the GOP -- which controls the Senate — has not taken it up. Liz Wright, Bank of America Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (“MLLA”), a licensed insurance agency and wholly-owned subsidiary of BofA Corp. 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. Mr. Moynihan was paid more than $26 million in 2018. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies. For years under Republican control of the committee, members focused on the effects of Dodd-Frank financial regulations. Enjoy reading our tips and recommendations. © 2020 Bank of America Corporation. According to USA Today, In-N-Out’s store managers make, on average, $160,000 year. Bank of America, N.A. Employers generally have to pay workers the highest minimum wage prescribed by federal, state, and local law. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. Mark Huffman has been a consumer news reporter for ConsumerAffairs since 2004. Two years ago, the bank's employees got a raise to a minimum of $15 an hour, according to a company press release. (Mr. Sloan resigned on March 28.). 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 (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. To make that possible, CEO Dan Price slashed his own salary down from $1.1 million to the new $70,000 minimum, meaning that, if you get a job as a receptionist at this company, you’ll be making as much as the CEO. Wage growth has been solid as well. This is part of the company’s commitment to being a great place to work and delivering sustainable, responsible growth through … CHARLOTTE (dpa-AFX) - Bank of America Corp. (BAC) said Monday it will raise the U.S. minimum wage for hourly employees to $20 from $17, by the end of the first quarter of 2020, more than a year “Really, the goal of our proposal is to create a more diverse, balanced leadership.”. Certain links may direct you away from Bank of America to an unaffiliated site. On May 1 One-Year Acceleration Reaffirms Commitment to Being a Great Place to Work. But with unemployment at record low rates, the competition for good employees is fierce. There’s been some skepticism in the media about whether Bank of America’s pay raise is an altruistic act or just a way to make sure they look good before getting grilled by the House Financial Services Committee, whom they testified before earlier today. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Even at $20 an hour, however, Bank of America still doesn’t offer the best minimum salary in the country. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. JPMorgan Chase said last year that it was using some of the savings it had realized as a result of the Trump administration’s corporate tax cuts to raise its minimum wage to $15 an hour. Copyright © 2020 Consumers Unified LLC. 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. Gravity Payments, a company that processes credit card payments for small businesses, announced in 2015 that they’d be raising their minimum salary to an incredible $70,000 a year. Bank of America today announced that it will raise its minimum wage to $20 per hour over a two-year period. The current minimum wage is $17 an hour, so the increase to $20 an hour amounts to around $6,000 a year. 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. That new salary would make Bank of America home to some of the best-payed tellers in America. Bank of America is raising its minimum wage for hourly employees to $20 by the end of March 2020 — a year earlier than scheduled. JPMorgan Chase, however, took it a step further, promising to offer even better minimum salaries in select areas. Certain links may direct you away from Bank of America to an unaffiliated site. (Photo: Kathy Willens / Associated Press). To be profitable, companies — banks included — need good people. The minimum wage in the United States is set by U.S. labor law and a range of state and local laws. Not only will the retail workers at the bottom of that totem pole be seeing a $2 an hour raise, but they’ll also be getting a guaranteed four weeks of paid parental leave. TD Bank wins top ranking for best customer service, House passes bill to raise minimum wage to $15 an hour, Bank of America announces minimum wage bump, New York City sets new minimum wage for app-based drivers, CDC plans to cut suggested quarantine period to 7-10 days, Home Depot settles 2014 data breach for $17.5 million, Comcast to impose data cap for non-unlimited customers, Walmart, Target, and Amazon roll out deals to kick off Black Friday, Consumer confidence tumbles heading into the holidays, Dole Fresh Vegetables recalls organic romaine hearts, Toyota recalls model year 2021 RAV4 Prime vehicles. Be warned, however, that Amazon’s pay increase isn’t entirely without controversy. Appearing on the MSNBC show “Morning Joe,” Mr. Moynihan said that starting next month, Bank of America’s lowest-paid employees would earn $17 an hour. “As part of our commitment to being a great place to work, we are saying thank you, and sharing our success with our teammates who serve our clients and communities every day,” said Sheri Bronstein, chief human resources officer at Bank of America. Bank of America is not the first main street bank to boost minimum compensation for its employees. Equal Housing Lender 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. Both are indirect subsidiaries of Bank of America Corporation. Co-host Debbie Dujanovic, however, doesn’t exactly see it the same way. Bank of America and Bank of New York Mellon both advised shareholders to vote against Arjuna’s proposal this year, as did Wells Fargo and JPMorgan. Bank of America said it would raise wages for its lowest-paid employees to $20 an hour over the next two years. The average rate for all U.S. hourly employees is significantly above this level. Most stock quote data provided by BATS. One year ago, Bank of America announced it would raise its U.S. minimum hourly wage to $20 over a two-year period. We value your privacy. These materials are for informational purposes only.