x
Breaking News
More (0) »

Jacksonville's Leading Local News: Weather, Traffic, Sports and more | Jacksonville, Florida | FirstCoastNews.com

Bank of America raising hourly minimum wage to $20

The company will begin by raising its minimum hourly wage to $17 on May 1 and continue to raise pay through 2021.
Credit: ASSOCIATED PRESS
A Bank of America logo is displayed at a branch office in Palo Alto, Calif., Monday, Sept. 12, 2011. Bank of America will cut about 30,000 jobs over the next few years in a bid to save $5 billion per year. The cost-cutting drive is part of a broader effort to reshape and shrink the nation's largest bank as it copes with fallout from the housing bust. (AP Photo/Paul Sakuma)

Bank of America is raising its starting pay to $20 an hour over a two-year period, starting with a hike next month.

The company said it is raising its minimum hourly wage to $17 on May 1 and will continue to increase pay until it hits $20 an hour in 2021. Bank of America raised its hourly minimum wage to $15 in 2017. It says wages have increased since then, though it didn't release details of those increases.

In a Tuesday interview on MSNBC, Chairman and CEO Brian Moynihan said, "''If you get a job at Bank of America, you'll make $41,000 per year."

Bank of America Corp., based in Charlotte, North Carolina, has more than 205,000 workers.